Circuit of The Americas bosses have announced that they have reached an agreement with Formula One Management that ensures the United States Grand Prix remains on the 2012 calendar.

As predicted by Pitpass earlier, bosses at the Austin circuit have confirmed that the 2012 event will go ahead, with construction work at the site resuming immediately.

"Mr Ecclestone received his check today," said Red McCombs, chairman of McCombs Enterprises and founding partner of Circuit of The Americas. "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 himself. I want to thank and commend Bobby Epstein for getting us across the finish line. Bobby's perseverance and leadership kept the project on track despite unfair and unfounded criticism."

"Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future," stated Epstein, founding partner of Circuit of The Americas. We remain committed to reaching our goal of being valuable community partners as we establish a platform for sports and entertainment. We're glad that Tavo's vision of bringing F1 to the people of Texas will become a reality."

Engineering and construction teams working on the track will resume immediately, ensuring completion for the 2012 race date.

"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," added Steve Sexton, president of Circuit of The Americas. "We encourage everyone to visit our website and register for information. Registered fans will receive the first communication regarding ticket sales plans. In a matter of weeks we will have more exciting news as we unveil our full calendar of world class events."