McCombs is the co-founder of Clear Channel Communications and the former owner of the Denver Nuggets and San Antonio Spurs in the NBA and the Minnesota Vikings in the NFL. He also owns McCombs Partners, an investment management company.
Hellmund and McCombs Partners announced Tuesday the location of the proposed Formula One track in Austin, Texas. The track will be located on a 900-acre site in southeast Austin along the State Highway 130 corridor near Farm to Market Road 812.
The majority of land involved in the project is formerly known as the Wandering Creek property. The site’s natural topography is expected to provide an excellent canvas for the facility. The group plans to have the track completed by 2012.
“This project has been a tremendous undertaking,” stated Hellmund. “But for at least the next decade, Texas will host a global sporting event on an annual basis in a new world-class multipurpose facility. Knowing that our hard work is being rewarded and that my dream is becoming a reality is extremely gratifying.
“It is a great honor to have Red McCombs and McCombs Partners as our primary investor and partner. Red’s success in business and the professional sports arena is legendary. Working together as a team and under Red’s direction, we will ensure that this project will make all Texans very proud and will benefit our great State.”
“Bringing Formula One back to the United States represents the opportunity of a lifetime and one that any city in the world would want,” stated McCombs. “The size and scope of an F-1 event is comparable to hosting a Super Bowl and will bring substantial economic benefit to Austin, San Antonio and the entire state of Texas.”
In addition to McCombs Partners, Hellmund’s team includes Prophet Capital Management, an Austin based private investment company founded in 1995, and MotoGP World Champion Kevin Schwantz.
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