Formula One World Championship Limited and Formula One Administration Limited (together, the F1 Commercial Rights Holder) and Full Throttle Productions, LP, promoter of the Formula 1 United States Grand Prix™ have announced an historic agreement for Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021.

“As many Americans know, Austin has earned a reputation as one of the 'it' cities in the United States,” stated Tavo Hellmund. “Austin features that rare combination of ideal geographic location and beauty. Its fine dining, world-renowned hospitality and excellent transportation infrastructure make Austin ideally suited to host and manage an event of this magnitude. Few cities if any in America could rival the connectivity of all these key elements needed for hosting a Formula 1 event as well as Austin.”

Now, many people around the world will have the opportunity to experience a world-class event, facility and city. “We are pleased Texas has the opportunity to be involved with Formula 1 and that an event of this magnitude is coming to Austin,” said Susan Combs, Texas Comptroller of Public Accounts. “It has been a pleasure working with Full Throttle Productions, LP and Mr. Hellmund on this project. Their tradition of producing successful major events coupled with a thirty year relationship with Mr. Ecclestone has us looking forward to this worldwide event and the benefits it will bring, including local job creation, increased tourism and a significant economic impact added to our state economy. The visibility and prestige of this event will spotlight our state on an international stage.”

Texas Governor Rick Perry conveyed his enthusiasm for the project, explaining Texas' relatively strong economy continues to draw both national and international attention and I commend Comptroller Combs for her work in bringing this exciting event to the “Lone Star State.”

City of Austin Mayor Lee Leffingwell continued the positive sentiments, adding “The City of Austin will be proud to host this magnificent event and I look forward to welcoming the participants and fans of Formula One to our City.”