Construction on the Circuit of The Americas ground to a halt on Tuesday, putting the inaugural United States Grand Prix in 2012 in major doubt.
Formula One supremo Bernie Ecclestone admitted recently that "it's a bit of an uphill struggle there at the moment" but the Circuit of the Americas President Steve Sexton hit back a few days later insisting "funding is secured and construction is on schedule".
However, Ecclestone clearly knew what he was talking about as organisers of the Circuit of The Americas issued a statement on Tuesday to confirm they 'are suspending further construction of the project until a contract assuring the Formula 1 United States Grand Prix will be held at Circuit of The Americas in 2012 is complete'.
Bobby Epstein, founding partner of Circuit of The Americas, confirmed that the dispute between Formula One, race promoters and developers was the major stumbling block.
"We have spent tremendous resources preparing for the Formula One and MotoGP Championship races, but the failure to deliver race contracts gives us great concern," Epstein said.
"We believe the United States is vital for the future of Formula One and its teams and sponsors. Given the purpose-built Tilke design, creating a unique fan experience and iconic challenge for drivers, we hope that Texas will not be left behind. More than 100,000 fans have expressed an interest in purchasing tickets for Formula One alone."
A statement from Full Throttle Productions read: "After years of effort in getting F1 to Austin, Full Throttle Productions and city, county and state officials have done all we could.
"It is the responsibility of Circuit of the Americas to bring it across the finish line. For the sake of everyone, we are hopeful that they can reach an agreement with Formula 1."
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