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US Grand Prix Facing F1 Deadline For Contract

AUSTIN  (AP)  Organizers of the proposed U.S. Grand Prix in Texas face a Wednesday deadline to guarantee its long-term financial backing or lose the race for 2012.

The deadline has been set by Formula One boss Bernie Ecclestone.

Financial backers of the race include billionaire businessman Red McCombs. They have said they will pay Formula One’s sanctioning fee, but a dispute over signing a final contract has not been resolved.

Formula One has not raced in the United States since 2007.

The dispute has halted construction of a racetrack outside Austin. Ecclestone has said the race will be cancelled for next year without a signed contract and proof of long-term financing.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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