Formula One supremo Bernie Ecclestone has welcomed the return of the United States to the sport's calendar.

Ecclestone was speaking after it was announced Formula One had sealed its return to the lucrative United States market after a deal was reached for a new purpose-built facility in Texas to stage grands prix from the start of the 2012 season.

Ecclestone confirmed an agreement had been signed with US Grand Prix promoters Full Throttle Productions for the city of Austin to stage the race as part of a 10-year deal.

Ecclestone hailed the deal as a major commitment on the part of the Austin authorities, who have pledged to build the first ever dedicated Formula One facility in the country.

"For the first time in the history of Formula One in the United States, a world-class facility will be purpose-built to host the event," said Ecclestone.

"It was 30 years ago that the United States Grand Prix was last held on a purpose-built permanent road course circuit in Watkins Glen, which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits.

"Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval. This, however, will be the first time a facility is constructed from the ground up specifically for Formula One in the US."

Speculation has been rife regarding F1's stateside future since the last US Grand Prix was held at Indianapolis in 2007, with a race in New York state or New Jersey touted as the most likely destinations for any return.

Austin certainly chimes with F1's slick image, with the city nicknamed 'Silicon Hills' due to the key role it plays in the United States' technology industry.

The state of Texas also boasts the 11th strongest economy in the world, and race organisers are optimistic Austin will provide a fitting backdrop for one of the world's more glamourous sports.

Full Throttle Productions' managing director Tavo Hellmund said: "This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the 'it' cities in the United States.

"Few cities if any in America could rival the connectivity of all the key elements needed for hosting a Formula One event as well as Austin."

Hellmund added: "We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder [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.

"All parties involved have a great amount of trust and confidence in each other and are committed to establishing the United States Grand Prix in Austin, Texas as a prestigious global event."

Austin's mayor Lee Leffingwell also welcomed news of the deal, saying: "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."

Today's announcement did not provide details of where precisely the circuit would be situated, or what sort of layout it would feature.

It nevertheless would appear to bring an end to what has been a nomadic - and occasionally troubled - period for Formula One in the United States.

The sport has failed to firmly anchor itself stateside since ending a 20-year association with Watkins Glen at the start of the 1980s, with races at Long Beach, Las Vegas, Detroit, Dallas and Phoenix all failing to become permanent fixtures on the calendar.

A move to the Indianapolis Motor Speedway for the 2000 season turned sour five years later when fears over tyre safety famously resulted in just six cars starting that year's race.

The 2005 debacle caused a rift with many American fans from which the sport never fully recovered, and F1 departed the US scene two years later after Ecclestone failed to reach an agreement with Indianapolis bosses over a contract extension.

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