Except it was Bahrain that cancelled it, making F1 look foolish again

AUSTIN (KXAN) - The runoff race for Austin City Council Place 3 is quickly becoming about a race that hasn’t even happened yet.

“Every public dollar we put to something like F1, means money we don’t have, to spend somewhere else,” said candidate Kathie Tovo, referring to the Formula One track planned for Austin.

Tovo, who almost beat incumbent Randi Shade in the general election, said if she had a vote, it would be no.

But, as of now it’s not her vote. The City Council has two weeks to decide whether or not they will become an official sponsor of Austin’s Formula One races.

Formula One officials need the city to sign on in order to get $25 million a year from the state of Texas.

If City Council agrees, that means $4 million a year, presumably from the extra taxes collected during F1 races, would also go to F1.

The city would then have the option of the paying themselves back, a year later, for expenses associated with Formula Races, such as police and emergency services, with money left over from the fund.

At first, sources said that Formula One organizers wanted city taxpayers to pick up the first year's $4 million tab. But now F1 organizers have agreed to pay the first $4 million.

“I would hope that the Council is going to ask the organizers, if they are able to forward the money for year one, are they willing to do it for the next nine years?” Tovo said.

On Thursday, Shade, along with the other council members, heard more than two hours of public comment about the possible agreement.

“There are certainly opportunities and risks that we need to address before we can move forward,” Shade said.

Shade said she has not made up her mind on the agreement yet, but does understand how this race could boost the local economy.

“When you have a great tourism business and special events business that you have in the community it really does help the economy stay strong,” Shade said. “And of course this is an event that clearly would bring additional tourists.”

Council is scheduled to vote on the agreement in less than two weeks. The agreement is still being finalized and Council is still waiting on an economic impact study from Formula One officials.

“I have very grave concerns about the timing and I also believe we should be asking questions about why we are rushing through this in two weeks,” Tovo said.

Shade said while it might appear Council is trying to rush through this decision, she said that is not the case.

“Sometimes we don’t have control of the timeline and I think in this case, we have got to work with what we have and make sure we get answers to our questions,” Shade said.

During Thursday’s Council meeting, Council member Bill Spelman asked about postponing the item until July to give everyone more time to look over it.

Mayor Lee Leffingwell, a Shade and F1 supporter, did not like that idea. If the vote is postponed and Tovo wins, that could be enough votes to slam on the brakes on this agreement.

According to Bild.de, Schumacher has extended his contract until 2014

Well, wasn't Bild the first media who reported a comeback for Schumacher, and wasn't Blid the first media who reported Schumacher would quit in 2006?