Construction work at the Austin GP site will resume immediately after a deal was reached between the organisers and Bernie Ecclestone.
Work on the facility in Texas had been suspended following a contractual dispute. After two weeks of negotiation, full payment of the 2012 hosting fee has been made, co-founder and investor Red McCombs confirmed.
“Mr Ecclestone received his check today for the US GP,” said McCombs in a statement on Wednesday. “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.”
Bobby Epstein added, “Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future. 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.”
Construction is expected to resume almost immediately, with the inaugural event planned for November 2012.
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