By alley - Mar 24, 2016, 12:34 PM ET

Report: COTA gets debt financing 'in connection with a business combination transaction'

The Austin Business Journal reports that Circuit of The Americas LLC has completed $81 million in debt financing in a deal that furthered speculation that the company which operates the Austin, Texas racetrack and entertainment complex is seeking a buyer.

The Journal says the filing with the U.S. Securities and Exchange Commission indicates that the financing was done "in connection with a business combination transaction such as a merger, acquisition or exchange offer."

COTA acknowledged financial shortfalls after the State of Texas reduced the annual incentives package it provides for the facility to host Formula 1 from $25 million to $19.5m. That prompted this year's United States Grand Prix to be listed as tentative on the F1 calendar; however,

COTA officials confirmed earlier this month that the 2016 USGP would go ahead as scheduled

on the weekend of Oct. 21-23. COTA also hosts MotoGP in April and the World Endurance Championship and IMSA WeatherTech SportsCar Championship in September.

The facility will be losing one date next year, however, as ESPN announced earlier this week that its X Games competition would not return to COTA after its contract with the Austin facility expires with this June's X Games summer event.

Click here to read the full report from the Austin Business Journal.