The new United States Grand Prix has been officially launched today in Austin, Texas by race promoter Tavo Hellmund.

Hellmund’s Full Throttle Productions is the company behind the race and the promoter himself has over 25 years experience in racing, marketing, promoting and staging sporting events.

The new purpose-built Grand Prix circuit will be situated in south east Austin along the SH-130 corridor on the property known as Wandering Creek, and will be designed by F1’s usual architect Hermann Tilke as the first American track to be designed specifically for F1.

Work on the circuit is expected to begin in December and is set to be completed just weeks ahead of the inaugural race in June 2012.

Hellmund has also revealed his investors for the first time—a big talking point for many fans who were sceptical over whether the project would be destined for failure like Donington Leisure’s attempts to take the British Grand Prix away from Silverstone.

Entrepreneur Red McCombs and private investment company Prophet Capital Management are the primary partners in the project, along with MotoGP champion Kevin Schwantz.

McCombs is one of the leading names in the automotive industry in the US, and is also a long-standing member of Forbes magazine’s top 400 richest Americans.

He has reportedly owned over 400 businesses in his lifetime, and is “committing financial resources, experience and the business relationships of McCombs Partners to complement Hellmund and his extensive motorsports’ background.”

Speaking about the project, Hellmund said: “Few cities if any in America could rival the connectivity of all the 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.”

Current championship leader, Lewis Hamilton said: “I am looking forward to going back. How can you have a world championship without a race in America?

“It is one of the biggest countries in the world. So it is pretty awesome to be able to get back there.”

The 2012 event in Austin will be the first F1 race in America since the 2006 Indianapolis Motor Speedway.

Former Spurs and Vikings owner Red McCombs to be lead investor in Austin Formula One track

12:24 PM CDT on Tuesday, July 27, 2010

By ERIN MULVANEY / The Dallas Morning News

AUSTIN – San Antonio businessman Red McCombs, a former owner of the NBA San Antonio Spurs and NFL Minnesota Vikings , announced Tuesday that he will be the key investor in bringing a Formula One racetrack to southeast Austin by 2012.

Full Throttle Productions, the promotion company that pushed for the facility in Austin, and the Formula 1 World Championship Limited first announced last May that they would be building a track in Austin because of its geographical location and its status as an advanced technology city.

The 900-acre track site will be a multipurpose facility, for music, athletic events and may become a world-class research institute for state universities, said promoter Tavo Hellmund, who owns Full Throttle Production.

"We have three commitments that we value: economic development, value for the partners and to a truly great sporting event in the world on an annual basis," Hellmund said.

The track will be built near Elroy in southeastern Travis County, near FM 812 and Texas 130.

Full Throttle Productions will host the Formula One event from 2012 to 2021. The state has pledged $25 million in taxpayer funds to support the event.