• US Grand Prix

Austin confirms new deal to save US Grand Prix

Work is set to resume at the Circuit of the Americas © Sutton Images

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The Circuit of the Americas has agreed a new deal with Bernie Ecclestone to ensure the 2012 US Grand Prix goes ahead, according to race organisers.

The circuit was given until December 7 to find the money to pay this year's sanctioning fee and agree to Ecclestone's terms. On deadline day the FIA announced that the race would remain on the calendar and soon after the circuit issued a press release confirming the news.

"Mr. Ecclestone received his cheque today for the USGP," Red McCombs, a founding partner of the circuit said in a statement. "We want to thank the fans supporting us, the local officials and businesses that have encouraged us, the state of Texas, Circuit of The Americas' staff and Bernie himself."

Fellow founding partner Bobby Epstein added: "Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future. "We remain committed to reaching our goal of being valuable community partners as we establish a platform for sports and entertainment. We're glad that Tavo [Hellmund]'s vision of bringing F1 to the people of Texas will become a reality."

The statement added that construction at the circuit will resume immediately, with president of the Circuit of the Americas Steve Sexton saying interest in tickets is high.

"We have a substantial number of fans who have expressed interest in buying tickets and hospitality, so today is a win for all of them as much as it is for Circuit of The Americas," he added.

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