United States Grand Prix chiefs 'hopeful' of future despite cuts

Lewis Hamilton clinched the world title at this year's US Grand Prix

Organisers are "hopeful" the United States Grand Prix will continue to be held in Austin, Texas despite a reduction in the race budget.

The state had contributed $25m (£16.5m) a year to costs since 2012, but that sum was cut by 20% this year - raising concerns about the race's future.

"The grand prix has generated hundreds of millions of dollars in positive economic impact," said organisers.

"We're hopeful Formula 1 will continue to race here."

The organisers at Circuit of the Americas, where the event is held, added: "The grand prix is a cornerstone event that brings global exposure to Austin and makes the circuit a year-round destination for sports and entertainment."

The venue was promised $25m per year for 10 years from the state's portion of its major events fund - public money spent largely to pay Formula 1's commercial management for the right to hold the race.

However, that deal was worked out with Texas governor Rick Perry, who is no longer in charge.

F1 chief Bernie Ecclestone told the Austin American-Statesman that if funding was changed it would "make it difficult to continue the race in Austin".