Aug.11 (GMM) Organisers of the 2012 US grand prix have admitted that the proposed race date change will affect the timing of the approval of state funding.

After Bernie Ecclestone said the inaugural Austin event will move from June to November on next year's calendar, promoter Tavo Hellmund confirmed it was the date "I have been hoping for".

But a side-effect of the change is that, due to the wording of the Texas legislation, the $25 million state funding for the project can only be released one year before the event takes place.

The Circuit of the Americas however has already applied for the funding on the basis of the June date.

"While we have not fully analysed the implications of a potential change in race dates, we believe that any such change, if implemented by FIA, will not affect the eligibility of the formula one event for the Major Event Trust Fund, but would merely affect the timing," said circuit organising committee board member Wayne Hollingsworth in a statement.

"And if the event date does in fact change, per the statutory requirements, we will update our application based on the new date and look forward to receiving approval later this year," he added.

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