(CNN) -- Formula One is set for a return to the United States in 2012, after an agreement was reached to build a brand-new racing track in the Texan state capital Austin. The decision for the southern American city to host F1 on a ten-year deal was confirmed on Wednesday, by the sport's rights owner Bernie Ecclestone. "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," he told the official F1 Web site. "This will be the first time a facility is constructed from the ground up specifically for Formula One in the US."
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Formula One to return to U.S. at a new track in Austin, Texas
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F1 supremo Bernie Ecclestone confirmed the move on Wednesday
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Last U.S. Grand Prix was held in Indianapolis in 2007
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Austin was one of several new locations for the grand prix including New York
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But speculation has been rife over @placeholder returning to the country for some time, after Ecclestone made no secret that he wished to make a fresh attempt to crack the U.S. market.