The principals of the Circuit of The Americas in Austin, Texas have reached an agreement with Formula 1 Management that ensures the Formula 1 United States Grand Prix remains on the FIA Formula 1 World Championship race calendar.

As Bernie Ecclestone received the hefty license cheque this week, engineering and construction teams working on the track will resume immediately, ensuring completion for the 2012 Formula 1 race date. In the meantime, V8 Supercars announced a groundbreaking five-year deal to compete at the new Circuit of the Americas, starting in 2013. There will be two, 200 kilometre races held on a regular Friday to Sunday race weekend, with the date to be announced next year.

The Circuit of the Americas will feature a variety of permanent structures designed for business, education, entertainment and race competition use as well as the 5.5km circuit. The Austin venue can hold 120,000 fans and is entirely financed from private funds.

Other support buildings will include a medical trauma and care training facility, 14 executive meeting suites, a conference centre, a banquet hall and an expansive outdoor live music arena. The new F1 season will start on March 18 in Melbourne and finish at Sao Paulo on November 25.The FIA also announced the return of private testing for the teams in mid-season for a period of three days on a date yet to be decided.