COTA loses $25.9M in 2019

COTA officials today after their stupidity cost them $25.9 million

Circuit of the Americas is out $25.9 million in state funding for its Formula 1 race as the Texas State Capitol ended its legislative session on May 27 without passing legislation that would have approved an annual request originally denied on a technicality.

The money was to have come from the state's Major Events Reimbursement Program to help offset costs from the 2018 F1 United States Grand Prix. The funds were expected to be paid to the track — that is, until COTA officials missed a Sept. 24, 2018, deadline for submitting a human trafficking prevention plan as part of its annual application for the funds.

That application was determined to be not in compliance with the conditions set forth by the state, according to a statement by Bryan Daniel, executive director of Economic Development in the Office of the Governor, in October.

A lifeline appeared to be extended, however, and according to an article posted on the Austin (Texas) Business Journal's website, the state legislature had been working on a measure that would have given the track a second chance at the money.

The House approved language tacked onto another bill, according to the Austin American-Statesman, but the final details couldn't be worked out with the Senate and the measure failed to come up for a vote before the session concluded.