Ecclestone confident Austin will go ahead

Formula 1 supremo Bernie Ecclestone is optimistic that the US Grand Prix at Austin's Circuit of the Americas will go ahead according to plan.

Uncertainty over the fate of the event and its presence on the 2016 calendar emerged when organizers revealed the massive financial loss associated with last year's washed-out Grand Prix weekend.

To add insult to injury, COTA Chairman Bobby Epstein disclosed that Texas' state officials were set to reduce their subsidy by 20 per cent, a prospect which simply put the future of the US Grand Prix into jeopardy.

Despite the multiple financial setbacks, Ecclestone remains confident the race will go ahead.

"The state funding depends on the amount of people that attend the race, " he told the BBC. "As it rained and a lot of people didn't turn up, their funding went down."

While Ecclestone expressed assurance, he did warn however that the race would be scrapped from this year's calendar if COTA organizers failed to pay the hosting fee to FOM.

Epstein has said that he isn't expecting any clarity on the situation until February.

"I share his optimism on it," Ecclestone added. "We all want it to happen, and usually when that's the case, things get done.

"I certainly can't confirm anything at this point, but for sure there will be something within the next 30 days. We'll have an answer definitely before the end of February."

Scene at the Pirelli wet tyre test