The purpose-built circuit will play host to a round of the Formula One world championship from 2012 onwards.

Story highlights

Construction has resumed at the Circuit of the Americas in Austin, Texas

The venue will makes its bow as a Formula One venue in 2012

The FIA has officially confirmed the 20-race calendar for 2012 F1 season

Bahrain is also on the list after last year's race in the gulf kingdom was called off

CNN  — 

Organizers of the the U.S. Grand Prix said Wednesday that it will take its place in the 2012 Formula One calendar despite fears that the new circuit in Texas being built for the race will not be finished in time.

Development of the purpose-built site in Austin was halted last month following a dispute between organizers and Formula One Management (FOM) over payment for the event, but the track’s partners confirmed the fee had now been paid to F1’s commercial rights holders.

“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 (Ecclestone) himself,” founding partner Red McCoombs said in a statement.

Circuit president Steve Sexton added: “We have a substantial number of fans who have expressed interest in buying tickets and hospitality, so today is a win for all of them as much as it is for Circuit of the Americas.”

The 10-year deal to stage a round of the F1 world championship at the circuit will see the elite division of motorsport return to the U.S. for the first time since 2007.

It is scheduled to take place from November 16-18.

The U.S. is set to host two grands prix by 2013, after October’s announcement that a race will also be held on a street circuit in New Jersey.

The news came on the same day the Federation Internationale de l’Automobile (FIA), the body which governs global motorsport, confirmed the 20-race 2012 F1 calendar, which is set to be the longest in the sport’s history.

The Bahrain Grand Prix is set to take place on April 22, having been called off this year due to civil unrest in the gulf kingdom.

Australia will host the season’s opening grand prix in Melbourne on March 18, with Brazil staging 2012’s final race at Interlagos on November 25, the week after the new race in Texas.