Sunday, March 4, 2012

Tavo Hellmund sues new US GP promoters


US Grand Prix founder Tavo Hellmund sued his partners for an improper and unlawful takeover. According to the Austin Statesman, Hellmund is suing through the District Court in Travis County, but has not specified purposely which damages he is suing for. He argues that an 18 million dollar (£11.4m) buyout was not fulfilled and that he was due to receive an annual salary of $500,000 (£316,000) for the next ten years as project Chairman.

According the new promoters, the action is part of a string of wild moves from Hellmund.

‘This is just a latest step in a pattern of behaviour,’ Circuit of the Americas comments through a statement. ‘Mr. Hellmund uses negative press to try and create an advantage for himself at every turn. The fact is, he has been found to be in breach of contract by Formula 1 and he has not fulfilled his agreements.’

The returning US Grand Prix is scheduled to take place as the penultimate event of the season on 18 November. In 2013, a second American race – dubbed Grand Prix of America – will be staged on a New Jersey street circuit, complete with a legendary New York City backdrop.


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