Ever since it was announced that Austin would host Formula One racing from 2012 through 2020, it has been a topic of controversy. Not only are some residents unsure of how they feel about the event coming to Austin, primarily due to the costs involved as well as concerns regarding the location of the new track, but others have questioned why Austin was selected in the first place. After all, New York is the historical home for the event in the United States and many thought that was where the event would return this time around. But, while some people may be wondering why Austin was selected to be the new host to Formula One racing, there are actually several good reasons to choose the capital city to host the event.

One of the most obvious reasons for bringing the event to Austin is the fact that the city and the state is prepared to back the event with plenty of funding. In fact, everyone from the governor to the state comptroller and on down the line is fully supporting the project, which means the necessary funding is likely to flow quite freely.

Another benefit to bringing the event to Austin is the fact that the racers and others involved with the support will enjoy using a facility that was specifically designed and built for Formula One racing. If the event had returned to New York, on the other hand, it would have likely taken place in Monticello Silagra or Watkins Glen. While both are excellent tracks, neither is specifically designed to meet the needs of Formula One racing and neither can provide the modern amenities that will be included in the new Austin track, which is estimated to cost as much as $250 million to build.

Of course, there is some concern regarding whether or not the track can be constructed by 2012. If the city runs into problems over the next couple of years, Ecclestone may regret choosing a new track over one that is already in place.

Yet another benefit to choosing Austin as the host of the Formula One event is its location. Ecclestone has made it well know that he wishes to expand the even into new markets, including China, Abu Dhabi, Korea and India. Thanks to its location, the city of Austin makes it far easier to share the event with North, South and Central American fans. If the event were to be hosted in New York, on the other hand, the event would share the same market as the Canadian Grand Prix.

The bottom line is that Austin makes sense as the host for the Formula One. And, while it will certainly require a significant investment from the city and the state, most experts agree that the deal will ultimately be quite beneficial to the city’s economy and its residents.

Author Bio: Jim Olenbush works in the Luxury Austin real estate market. His team sells Homes in West Austin, and they are also very experienced with Lake Travis Waterfront Property. Jim and his team would love to answer any questions you may have about Austin.

Category: Cars and Trucks
Keywords: formula 1, racing, Austin, Texas, F1