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The vision guy got iced out. The bond trader and the billionaire took over. Will the new track be done in time? The sordid story of how Formula 1 racing came to Texas.
Bobby Epstein guns his Cadillac Escalade up a foot incline, banking left into the hairpin of Turn 1. If he rolled down his window, the chairman of the Circuit of the Americas racetrack would be bathed in the dust and noise of 1, workers and heavy machines hustling to prepare the 1,acre site for the inaugural United States Grand Prix.
The smooth asphalt blowing by quietly beneath us is just about the only thing fully completed. The pressure is on: , tickets for the three-day race weekend, November 16—18, have been sold.
The son of a race promoter, he grew up locally, aspiring to be an F1 driver, and raced stock cars in the US and Formula Three in Europe. His real dream was to bring Formula 1 to Austin. Back in , there were three Formula 1 races in the US. But they faded away as Nascar and its oval tracks ascended; the leftover twisty tracks were unable to keep up with the safety needs of ever more ambitious race cars. After what he says were maybe a dozen meetings and many more phone calls, Hellmund eventually coaxed a contract out of Ecclestone that granted him the rights to run a Grand Prix in Austin for 10 years.
He quickly found Epstein. Little known outside of Austin, Epstein established himself as a bond trading researcher at Dain Rauscher; in , he started and then sold his own broker-dealer, and then founded Prophet Capital Management in This story appears in the 23 November, issue of Forbes India. To visit our Archives, click here.