There appears to be a little bit of hope left for the track. F1 is holding off on having the scheduled race in 2012, they're pushing it to 2013 to give the track a chance to come up with the needed sanctioning funds.
The state of Texas has a special fund for major entertainment events such as the Superbowl, NCAA Final Four and F1 races. The state is to give $25M/year to such events to help off set the sanctioning fees. Apparently the state comptroller has decided to not give COTA the $25 million until after the first race. She gave it to Jerry's world before the Superbowl and she gave it Reliant in Houston before the NCAA Final Four. I just don't understand why she decided to change her mind and wait until after the first race. It appears that she is the one who is screwing this whole deal. F1 wants their sanctioning fees but since she decided to not give COTA the $25M until after the first race, COTA can't pay F1 the fees that they are requesting because COTA budgeted the $25M to pay the fees and now COTA doesn't have that money.