Updated 07/11/2012 11:50 AM
Lawsuit setted between Hellmund, COTA investors
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Circuit of the Americas says it has settled an $18 million lawsuit with former partner, Tavo Hellmund.
In March, Hellmund filed a lawsuit against Circuit of the Americas investors Bobby Epstein, Red McCombs and others. Hellmund claimed he was still chair of the F1 Grand Prix, and was still owed $500,000 per year.
In the lawsuit, the race’s former promoter accused Epstein and McCombs of not following through with an agreed upon buyout offer.
Circuit of the Americas officials would not discuss any details of the settlement.
Hellmund, president of Full Throttle Promotions, first initiated the process of bringing Formula 1 racing to Central Texas.
The track is still under construction near Elroy in Southeast Travis County.
The Grand Prix is scheduled for November 18 of this year.