Word: fica
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Dates: during 1980-1989
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...auto race. Watkins Glen, population 3000, has hosted the United States Grand Prix every year since 1961, but this summer the Watkins Glen Grand Prix Corporation could not come up with the prize money demanded by the International Federation of Auto Sport (known by the French acronym of FICA). "In 1970 the Formula One purse was $244,000. Last year we put up one million; this year they wanted 1.2 million," says Malcolm Currie, Executive Director of the Corporation. "If you can't afford something you obviously...
Saturday, the first annual United States Grand Prix of Las Vegas will be run on a specially-constructed, 2.2-mile circuit that will be torn down immediately following the event. "The prize money is hard to ascertain because it is all handled through FICA," says Larry Aldenhoevel of Caeser's Palace, the Las Vegas hotel sponsoring the event. "but I do know that the man who wins is in for a lot of money...
This August, faced with the potential loss of the Formula One race and already in debt to FICA for a substantial portion of the prize money from the 1980 race, the Watkins Glen Grand Prix Corporation field for bankruptcy. Obviously any chance the Corporation had of raising 1.2 million dollars to finance this year's race disappeared at that point, and FICA officially removed the event from the 1981 schedule...
...There is a Formula One event currently scheduled for June 13, 1982 in Detroit that is in jeopardy," he says. "The reason is that FICA has upped its demands for prize money from 1.25 million to two million, and the organizers just can't pay it. Also, I think--and you have to check on this--that the Spanish Grand Prix and Austrian Grand Prix are off the 1982 schedule as well for the same reason. Two million dollars is just unreasonable--no track in the world will pay that...