The Formula 1 race series travels the world, and requires a traveling entourage of about 5,000 people to pull off, he said.

Meanwhile, Texas Sen. Kirk Watson, D-Austin, told reporters the economic impact of the race is comparable to the Super Bowl. According to a 2008 Ball State University analysis of previous Super Bowls, those games typically contribute $176 million to $463 million to a local economy.

The Formula 1 Grand Prix contributed about $100 million per year on average to the Indianapolis economy during the decade it was hosted in the city, according to a 2007 report in the Indianapolis Star.