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Austin and F1? Believe it when you see it

Updated: July 28, 2010, 3:08 PM ET
By Ryan McGee

On Tuesday, the promoters who have pledged to bring Formula One racing to Austin, Texas, officially rolled out their plans to construct a world-class road course outside of Elroy.

There is private money to fund the project, including a large kick-in from Red McCombs, one of the America's richest men and former owner of the San Antonio Spurs, Denver Nuggets and Minnesota Vikings. The Lone Star State has also pledged millions out of its events fund. There is an agreement with F1 ...

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