Austin circuit construction set to go ahead after Ecclestone deal

The event, scheduled to host the penultimate round of the 2012 championship, was in doubt after construction was stopped because of problems with the contracts.

Ecclestone gave organisers an extended deadline after failing to meet the original one.

After the race was included in the final 2012 calendar released by the FIA, Austin officials said work on the track will resume right away, and they are confident it will be ready for the grand prix.

"Mr. Ecclestone received his check today. We want to thank the fans supporting us, the local officials and businesses that have encouraged us, the State of Texas, Circuit of The Americas' staff and Bernie himself," said founding partner Red McCombs.

"I want to thank and commend Bobby Epstein for getting us across the finish line. Bobby's perseverance and leadership kept the project on track despite unfair and unfounded criticism.

"Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future," stated Epstein, founding partner of Circuit of The Americas.

"We remain committed to reaching our goal of being valuable community partners as we establish a platform for sports and entertainment. We're glad that Tavo's vision of bringing F1 to the people of Texas will become a reality."

"We have a substantial number of fans who have expressed interest in buying tickets and hospitality, so today is a win for all of them as much as it is for Circuit of The Americas," said Steve Sexton, president of Circuit of The Americas, added.

"We encourage everyone to visit our website and register for information. Registered fans will receive the first communication regarding ticket sales plans. In a matter of weeks we will have more exciting news as we unveil our full calendar of world class events."