The Austin Business Journal reported today that the partners involved in the F1 project have secured $250 million dollars to completly finance the facility. The report said:
The first phase of development, including construction and design of the track and support facilities, is expected to cost about $250 million, the investors said. Previously, Austin Formula One officials said the 3.4-mile track would cost $180 million, but hadn’t said how much it will cost to build the direct-support facilities, which engineering plans show would be more than 300,000 square feet.
Epstein and Weaver declined to discuss the specifics of how much each company is investing, but they said the funds were all raised “pretty quickly.”
“We have the money put together,” Weaver said.
Epstein — whose companies manage assets worth more than $1 billion, according to filings with the U.S. Securities and Exchange Commission — said it is easier to finance the project now than before.
“The credit markets have done remarkable things in the last several months, even the last several weeks,” he said. “When we originally looked at this, credit markets were nowhere near this good.”
Apparently Epstein, of Prophet Capital Management, and Rad Weaver, director of Business Development for Red McCombs Enterprises, have been quietly working behind the scenes to finalize the arrangements. This is good news for all of us supporters of the race.
Read more: F1 Austin project investors ready with financing | Austin Business Journal