The United States Grand Prix will return to the Formula One calendar in 2012 at a purpose built facility in Austin, Texas, Bernie Ecclestone has announced.

The selection of Texas comes after recent speculation of a race in New York failed to materialise.

“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 Formula One United States Grand Prix was last held on a purpose-built permanent road course circuit in Watkins Glen, New York.

“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.”

The 10 year deal will see local special event and sports production company Full Throttle Productions manage the event. FTP Managing Partner, Tavo Hellmund, said that he had been working on the project for several years.

“It has been a shared vision and monumental task to reach this agreement,” he 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.

“We have a tremendous opportunity at hand to do it right – to feature Austin as the backdrop and produce the Formula 1 United States Grand Prix as one of the great sporting events in the world.”

The State of Texas is said to be the 11th strongest economy in the world, and has more Fortune 500 company headquarters than any other state.

Austin, its capital, sits within a 200 mile radius of Houston, San Antonio, and Dallas – making the race accessible to some 22 million people.