Mayor: F1 can't look to Austin for US Grand Prix bailout

Austin, Texas - The mayor of Austin says Formula 1 officials can't look to the Texas capital for a bailout of the financially struggling United States Grand Prix.

Mayor Steve Adler said on Friday the state of Texas should stand by its previous agreement with the Circuit of the Americas. Track officials say that deal includes a promise of at least $25-million per year from the Major Events Trust Fund.

Gov. Greg Abbott's office this week said it is trimming about $6-million in annual funding. Circuit officials and F1 boss Bernie Ecclestone say that could threaten the future of the Austin race after just four years.

The US Grand Prix still gets about $19.5-million from the fund and nearly $23-million total in public money.