Texas state releases $29m fund to organisers

© Red Bull Racing, Getty Images

The Texas government has released funds from the Major Events Trust Fund (METF) to the organisers of the United States Grand Prix following the success of the inaugural event.

Texas Comptroller Susan Combs had previously promised state funding of $29 million (£18m) to the organisers in return for bringing Formula 1 to Texas.

However a legal battle ensued which ensured the funds would only be issued should the race bring "significant economic benefits" to the state.

The race attracted a sell-out crowd of 117,429 spectators on race day and is thought to have boosted hotel revenue in the local area threefold compared to the same period in 2011 - a period of time which saw the city host a major college football match.

Whilst the true economic benefits are yet to be realised, the funds - $25.3 million from the Texas state and $4 million from the city of Austin - were paid to the Circuit Events Local Organizing Committee last week according to KXAN-TV.

A full economic impact study will be conducted by Combs' office over the next 18 months in order to realise the true benefits.

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