Formula One racing is coming back to the United States in 2012 with a long-term deal to race in Austin on a track built specifically for the event.

Formula One and Texas state officials announced the agreement Tuesday, saying Austin would host the U.S. Grand Prix until 2021.

"It has been a shared vision and monumental task to reach this agreement. We realize that over the last 30 years there have been one or two missing pieces from the previous editions of the Formula 1 United States Grand Prix," Tavo Hellmund, managing partner of Full Throttle Productions said in a statement.

"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 race was dropped after an eight-year run at Indianapolis Motor Speedway from 2000-2007 with mixed results. The most notable blemish occurred in 2005 when 14 of 20 drivers pulled off the track just before the race started as a protest over concerns about tire safety.

Formula One president Bernie Ecclestone said the Austin race would mark the first time a course would be built specifically for an F1 race in the United States.

"The City of Austin will be proud to host this magnificent event, and I look forward to welcoming the participants and fans of Formula One to our city," Mayor Lee Leffingwell said in a statement.

Click here to read the full release. News 8 Austin is following this developing story and will have much more later.

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