Unites States Grand Prix organizers have confirmed that their new track will be located to the southeast of the city, near Austin's international airport, after revealing the backers of the event for the first time.
In a press conference held in Austin on Tuesday, promoter Tavo Hellmund confirmed that well-known American businessman Red McCombs will help bankroll the race, which will take place in an area formerly known as Wandering Creek. Hellmund also announced that former 500cc champion Kevin Schwantz is helping support the plans, too.
"I wanted to make sure that we were the best location for the United States Grand Prix," said Hellmund. "How you do that is by having the right location and the right connectivity – and the location is something we have been working on for at least a year and a half."
Hellmund said he was confident that the Austin event would succeed, whereas other United States events had failed, because it was being run on a permanent track
"People have been commenting that F1 hasn't stuck in the United States, but that is actually completely inaccurate," he said. "F1 was immensely successful from 1960 to 1980 when it was at a permanent road course facility.
"From 1980 up until 1999 it was always on temporary street circuits and, as wonderful as the IMS (Indianapolis Motor Speedway) is, it was basically an adaptation. It was an IndyCar track that NASCAR was able to have success there."
McCombs, who was once in the top 400 richest Americans according to Forbes through his numerous business interests, has well known sports success under his belt, too, after owning American football and basketball teams. Speaking about his involvement, McCombs said: "Bringing Formula 1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want. The size and scope of an F1 event is comparable to hosting a Super Bowl and will bring substantial economic benefit to Austin, San Antonio and the entire state of Texas.
"We know Tavo has a clear vision for developing Formula 1 into a major event with year-'round opportunities. Over the past few years, he has built a solid business foundation and has assembled a great team, one we are proud to be part of. We are ready to roll up our sleeves and work alongside Tavo to make this project a huge success."
McCombs said he has spoken recently to Bernie Ecclestone and eased any doubts about the track getting finished in time for the 2012 event.
"Bernie said: 'How do you think you are going to get a facility built in Austin in time for the 2012 race?' I told him, 'Remember, you are talking about doing this in Texas; we are not talking about doing it anywhere else. We have that reputation.'"
Race organizers also launched the official website of the event: www.formula1UnitedStates.com