Austin is no stranger to racing (KXAN article), and we certainly know how to host large scale events. So, I say, bring it on. Let's continue to showcase our wonderful city. Yes, there are always those who believe that this is a waste of money, and a shot in the dark, but consider some well known events such as SXSW and the ROT Rally. We all know how these stories end (no end in sight, still counting the revenues to the city annually). Can Austin host events that draw from all over Texas, the nation and the world--I think we have been doing it successfully for years.
Yes, our European brothers snicker at the thought, but it only matters who laughs last. Austin continues to grow and become a world class home for residents and destination for tourists now as well. Bravo Austin.