A UNITED STATES GRAND PRIX will once again feature on the Formula One calendar.
Amid reports that New York was Bernie Ecclestone's favoured location, the sport announced late on Tuesday that Austin Texas will in fact stage its first race in 2012.
The 10-year contract is for a "purpose-built" facility, F1 Chief Executive Ecclestone said, although details including an actual site, cost or race date were not released.
A report on the AP news agency said the venue would be built "within 10 miles" of Austin airport.
The promoter is Full Throttle Productions, headed by Tavo Hellmund who reportedly has a "30 year relationship with Mr Ecclestone".
"We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States," Hellmund said.
"We realise that over the last 30 years there have been one or two missing pieces from the previous editions of the formula one United States grand prix," he added.
Never on a purpose-built circuit, previous US Grands Prix have been held at Watkins Glen, Long Beach, Las Vegas, Detroit, Dallas and Phoenix.
Between 2000 and 2007, the famous Indianapolis Motor Speedway hosted the event, and spokesman Fred Nation on Tuesday questioned whether the "business deal" between F1 and Austin is a sound one.
"Since 2007, we have been asked many times about having formula one return, and our answer has been the same each time: if the business deal is right, they are welcome back.
"If such a deal is in place in Austin, we wish both the city and formula one success for a race in the United States," he said.
Pirelli Wins Race To Be F1 Tyre Supplier
Italian media sources are reporting that Pirelli will be F1's sole tyre supplier in 2011 and beyond.
Autosprint and Italiaracing say the Milan-based marque has been selected by the teams and F1 chief Ecclestone to replace the departing control supplier Bridgestone.
Reportedly also in the running had been Michelin as well as minor contenders Avon, Kumho and Hankook.
When asked to nominate his preference, Ferrari President Luca di Montezemolo said this week: "As an Italian I prefer Pirelli, but experience tells me Michelin.
"In the end it will be the same for everyone," he said in an interview with La Gazzetta dello Sport.
Autosprint said Pirelli will be paid 1 million euros per team per season in 2011, 2012 and 2013, in exchange for identical attention and service and a range of just three compounds: soft, medium and hard.
At least initially, the tyres will be in a similar 13-inch specification to the current Bridgestone product, with a longer-term ambition being a move to a low profile.
The decision is set to be confirmed shortly by the World Motor Sport Council.
Spain's El Mundo Deportivo reports that Pirelli, already the supplier of the new GP3 series as well as world rally, is also likely to supply GP2 next year.
Pirelli was last in F1 in 1991.