US GP safe after $25m lost funding scare

COTA

(GMM) F1's US grand prix in Austin, Texas, appears back on track.

In February, the event seemed in doubt after the organizers missed a paperwork deadline that would ensure a $25 million state government funding payment.

The Associated Press now reports: "State lawmakers have stepped in with a measure that would let them reapply and get the money.

"The bill has already passed the Texas House of Representatives and awaits a Senate vote before the legislative session ends May 27," the report added.

Tickets for this year's November race are already on sale, and Formula 1 has not declared publicly that the event is in doubt.

"The economy, the city, Texas and the country benefit (from the US GP)," said representative John Frullo, who authored the bill.

"I don't know their finances, but they did everything they were supposed to do. We want to make sure a small technicality doesn't get in the way."