Formula 1 is coming to the Lone Star State in 2012 and to host the U.S. Grand Prix in Austin.

F1 is making its return to the United States in 2012 after reaching a 10-year deal with the worldwide racing organization Wednesday at a World Motor Sport Council meeting in New Delhi, India.

Race organizers announced they reached a contract deal with F1 boss Bernie Ecclestone, ending a financial dispute that threatened the kill the race and a new track being built for it while the F1 calendar was finalized Wednesday.

Construction on the Circuit of the Americas track had been halted for several weeks by the contract dispute until private money had come in to pay for the project.

Read the full statement from the Circuit of the Americas here.