Texas taxpayers to pay $25 Million for F1 race

Texas taxpayers will be footing the first $25 million of the tab to bring the new Formula One United States Grand Prix to Austin.

The Austin American-Statesman reports Wednesday that the money will pay London-based Formula One Group the sanctioning fee it charges to host the first of 10 annual F1 races planned for Austin starting in 2012.

State officials had said last week that the money would go to local governments to reimburse them for costs incurred in hosting such large sporting events.

State officials consider the money an investment that will be repaid when several hundred thousand race fans flock to Austin to watch the racing event.

Texas Comptroller Susan Combs says it's going to be wonderful for Texas. USAToday.com