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Exclusive: With new five-year deal, COTA chairman says Formula 1 is far from 'F1 and done'

COTA announced it had inked a five-year deal with F1 in February 2022. (MSI Images/Twitter)

In a year packed with near-constant noise at Austin's purpose-built Formula 1 racetrack, the uncertainty around Circuit of the Americas' newest F1 deal may seem to be forgotten.

But for dedicated fans, the four months of uncertainty following COTA's expired 10-year deal was more than just a blip on the global racing radar.

The track, which is host to the U.S. Grand Prix, NASCAR races, and more, announced that it had secured at least five more years with F1 in February.

Here are the exclusive details on inking the deal from COTA chairman Bobby Epstein himself.

Why the wait?

Every year, Formula 1 receives roughly $25 million from Texas' Major Events Reimbursement Program, a taxpayer-funded initiative that helps bring big sporting events like 2017's Houston Super Bowl to the state.

According to Fort Worth Star-Telegram writer Mac Engel, however, the Major Events Reimbursements Program agrees to provide funding only "if Austin holds the only F1 race in the country."

And with a new Miami race debuting this year, past legal hiccups and the past ambiguous financial impact of the race, some COTA insiders worried that the global sport was 'F1 and Done' with the Austin track.

Epstein told Austonia that the state legislation was not involved in the latest agreement.

"There is no allocation from the state annual budget," Epstein said. "There is existing legislation in place that allows for tax dollars collected from out-of-state event attendees to be used to reimburse some event-related expenses. This legislation is not unique to F1 and is used to attract more than 100 events to our state each year."

Epstein said the delay was due to COVID delays rather than internal disputes.

"The timing was really a matter of 'papering' the agreement," Epstein said. " F1 management and legal teams were overwhelmed with COVID-related schedule shifting, earlier in the year."

Why is F1 committed to Austin?

Whether there were behind-the-curtains negotiations or not, Epstein said it's easy to see why F1 decided to ink the deal.

On multiple occasions, Epstein has asserted that the 2021 U.S. Grand Prix in October was the "largest sporting event in the world," and with an estimate of 400,000 people in attendance over the weekend, it was the biggest three-day race weekend in F1 history.

"The festive weekend has become a fan and competitors’ favorite destination event," Epstein told Austonia. "As the sport grows and tries new formats, they don’t want to lose what’s already working, and after last year, there was no way F1 could stop (nor did they want to stop) the momentum."

Epstein said the league would also hesitate to leave a track custom-built for them, complete with the necessary turns and elevation changes needed to highlight the prowess of F1's drivers and its signature open-wheeled vehicles.

And the event is a highlight for more than just its track, Epstein said.

"Austin is such a great host city, and an absolute highlight of the sport’s global tour," Epstein said. "With the campgrounds, the entertainment, and the themed villages, the grand prix at COTA takes on an unrivaled atmosphere. The COTA experience is much more like that of a historic, traditional Formula 1 track."

With past attractions, celebrity appearances and a carnival-like atmosphere—complete with the promise of luxury "car condos" and a rollercoaster-studded amusement park in the next few years—it seems like that atmosphere will be hard to beat for years to come.

The U.S. market: too crowded or a chance to grow?

There's a new track in town—for the first time in over 30 years, a casino-side race in Las Vegas will join Miami and Austin as the third U.S. track in 2023.

But despite enjoying America's sole F1 presence for several years, Epstein doesn't view the two new events as competition.

"With a night race down the glamorous Vegas strip or a cosmopolitan spring race around the Hard Rock Stadium, Formula One is creating a diverse array of offerings," Epstein said. "Each event complements the other and offers vastly different experiences."

While Austin provides a star-studded, yet more accessible Austin-esque festival experience, Miami and Las Vegas will showcase the luxury side of the sport. And thanks to the success of Netflix F1 documentary series "Drive to Survive," the once-foreign sport is growing exponentially—and for F1 higher-ups, the previously untapped market is hard to ignore.

For Austin, that means thousands more are expected to keep making the U.S. Grand Prix weekend one of the biggest travel weekends of the year for Austin-Bergstrom International Airport and local businesses alike.

"With the Formula One audience skyrocketing in the United States, three events per year certainly won’t meet the demand," Epstein said. "And the event in Austin will continue to bring hundreds of millions of tourist dollars to our hotels, restaurants and shops."


Tito's releases (not so?) ugly sweater line for the holidays, profits to charity

Tito's Handmade Vodka

Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.

There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.

All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.

Click here to see the entire collection in the Tito's store.

Mac and Cheese Fest and Free Art Exhibit
Waterloo Greenway, Good Vibrations Installation

🗓 All weekend

🎨 Creek Show Art Exhibit

Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities

All weekend 6 p.m - 10 p.m | 📍Waterloo Park

✨ Mozart's Light Show

This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.

6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703

🗓 Saturday

🥊 Kickboxing in the Park

This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.

10 a.m - 11 a.m | 📍 Metz Park

🛍 The Front Market

Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.

11 a.m - 5 p.m | 📍Ani's Day and Night - 7107 E Riverside Drive, Austin, TX 78741

🗓 Sunday

🧀 Mac and Cheese Fest

Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.

11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway