Texas cuts F1 subsidy, threatens future of US Grand Prix

The future of the United States Grand Prix in Austin in doubt again, as Texas is reducing the state's subsidy for the race, reports. Texas doled out $25 million to race organizers from 2012 to 2014, but this year it will only award $19.5 million. The drop comes in the wake of a state audit that found the race generates less revenue than originally anticipated.

The $5.5-million discrepancy could force the event's cancellation, as a large portion of the costs come from the licensing fee that organizers pay to Bernie Ecclestone's Formula One management group. "If it's changed, it's going to be difficult to continue the race in Austin," he told the Austin American-Statesman.

The USGP has been run four times in Austin. Lewis Hamilton won the most recent race in October. F1 races have also been held in the United States in Indianapolis, Watkins Glen, Detroit, and other venues.

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