There are reports today from the United States that Texas Comptroller Susan Combs has released more than $25 million from the state’s Major Event Trust Fund to help fund the Formula 1 Grand Prix in Austin. A further $4 million has been released by the City of Austin. The money has been paid to the Circuit Events Local Organizing Committee as reimbursement for bringing the race to Texas. The funding is based on the projections for the economic impact of the event on the state, which were made during the application process for the award. The Comptroller’s office will now conduct a study to see if the money coming into the state is about right. While these studied tend to be relatively imprecise, they generally prove that there has been a significant economic impact with all the visitors flying into and staying in Texas. Given that the prices of Austin’s hotel were all hiked dramatically and there was a big crowd, there is no doubt that the state gained significantly, not just in terms of direct economic impact, but also in raising the profile of Austin around the world. Critics of F1 never include the value of such advertising, because that is not part of their agenda, but it is very clear that the race put Austin on the map all over the world.