F1-related group raises $12.5 million from investors

An entity connected to the proposed Formula One race in Austin has raised $12.5 million toward the planned $250 million project, according to documents filed today with the federal Securities and Exchange Commission. The $12.5 million comes from 10 investors and is part of a $20 million funding push by Austin Formula 1 Racing and Entertainment LLC, documents show.

The group’s SEC filing did not give specifics about how the money would be used and gave no information about the investors.

Officials last May announced plans for the race in Austin, to be known as the United States Grand Prix, and plans for its venue, which is scheduled to open for an inaugural race in 2012. Work began in December on the site, a 970-acre tract southeast of Austin near the town of Elroy.

The project will include a 3.4-mile track, facilities for race teams, grandstands for 120,000 fans, and other hospitality and entertainment components. The Statesman