Ace F1 reporter Adam Cooper did the interview with Ecclestone and asked all the right questions. Read it and I think you will agree that the U.S. GP at Austin, scheduled for 2012, will likely never be held.
The deadline is tomorrow, Nov. 30, and it will pass without a resolution. What a wasted effort.
You can do your own reading between the lines, but I suggest this is what happened to create this embarrassment.
A promoter made the deal with F1 (Ecclestone) and the state of Texas and became partners with local interests, who would raise money to build a circuit.
The local interests and the promoter then had some sort of disagreement, or falling out. The promoter bailed. The state of Texas, which was on the hook for $25 million, very quickly got cold feet.
The local interests decided to try to go it alone, even though the state and Ecclestone had only dealt with the promoter. So Ecclestone sent them a contract.
Not only did the local interests not sign the contract, which would have left them up the creek without a paddle, but they tried to bluff their way through by sending a contract of theirs for Ecclestone to sign (knowing full well he wouldn’t, thus letting them off the hook because of the realization they were in way over their heads).
The Austin Grand Prix seemed like such a good idea at the time.
If the Grand Prix now scheduled for New Jersey/New York in 2013 falls through (it's also quite possible), the United States may never get another crack at an F1 race - at least so long as Bernie Ecclestone is around.
Here's that link. Read it and weep.