F1 boss: US GP must sign contract by next week

LONDON (AP) — Formula One boss Bernie Ecclestone says organizers of the U.S. Grand Prix have until the end of next week to sign a contract or next year’s race in Texas will be called off.

Ecclestone wants the dispute with Circuit of the Americas officials in Austin settled before the season-ending Brazilian Grand Prix on Nov. 27.

Ecclestone told The Associated Press that “it’s all very simple — they don’t have the money.”

No contract has been signed and Ecclestone is yet to receive a guarantee or a letter of credit that he will be paid.

Ecclestone says if the contract is “not signed before the end of next week, I suppose it won’t be on the calendar next year. … We have been working on this now for quite a few months and years so we can’t do any more.”