Red McCombs has been revealed as the primary investor behind the bid to host the American Grand Prix in Austin.

McCombs, a native Texan, and who is ranked as one of the 400 richest Americans by Forbes magazine, is heavily involved in all manner of sports having previously owned the NFL's Minnesota Vikings and the NBA's San Antonio Spurs and Denver Nuggets.

Among the 400 different businesses he has been involved with over the course of his career - including McCombs Automotive Group and McCombs Energy - he is co-founder of Clear Channel Communications, the media conglomerate company headquartered in San Antonio, Texas, the largest owner of full-power AM, FM, and shortwave radio stations and twelve radio channels on XM Satellite Radio, and also the largest pure-play radio station owner and operator. The group was also in the television business until it sold all of its TV stations to Newport Television in 2008.

Furthermore, Clear Channel was the owener of Donington Park Circuit until 2007 when it sold out to Simon Gillett's Donington Ventures Leisure.

McCombs involvement in the Austin F1 project was revealed at today's press conference by the man regarded as the driving force behind the dream, Tavo Hellmund.

"It is a great honor to have Red McCombs and McCombs Partners as our primary investor and partner," said Hellmund. "Red's success in business and the professional sports arena is legendary. Working together as a team and under Red's direction, we will ensure that this project will make all Texans very proud and will benefit our great State."

"Bringing F1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want," said McCombs. "The size and scope of an F1 event is comparable to hosting a Super Bowl and will bring substantial economic benefit to Austin, San Antonio and the entire State of Texas.

"We know Tavo has a clear vision for developing Formula 1 into a major event with year-round opportunities," he continued. "Over the past few years, he has built a solid business foundation and has assembled a great team, one we are proud to be part of. We are ready to roll-up our sleeves and work alongside Tavo to make this project a huge success."