In the wake of Texas Comptroller Susan Combs' decision to withhold funding for the event, the future of the United States Grand Prix at the Circuit of the Americas in Texas suffered another massive blow tonight when the organizers issued the following statement:

"Organizers of Circuit of The Americas, a premier motor sports racing and entertainment venue being developed in Austin, Texas, 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. The race contract between Formula One and Circuit of The Americas has not been conveyed to Circuit of The Americas per a previously agreed upon timetable.

While construction at Circuit of The Americas has progressed as scheduled with over 300 workers at the construction site daily, all work will suspend immediately. The delivery of the Formula One Grand Prix race contract will allow construction operations to resume.

"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," said Bobby Epstein, founding partner of Circuit of The Americas. "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."

"It is in the best interest of all parties to reach a timely resolution," said Red McCombs, chairman of McCombs Enterprises and founding partner of Circuit of The Americas. "Local businesses, fans and the State of Texas are counting on us."