Back in May, Formula One Group CEO Bernie Ecclestone announced that the racing organization had secured a deal with the city of Austin, Texas to bring the series to America for 10 years. All of that sounded great to American racing fans, but there have been lingering questions as to whether it was possible to get the city ready for F1 by 2012, which is when the contract is scheduled to go into effect.

At least one piece of the puzzle is now resolved as the location for the future track has been revealed at a press conference today in Austin. A total of 900 acres is said to be available at a site in southeastern Travis County, most of which had previously been set aside for a planned subdivision called Wandering Creek.

At this point, officials for the proposed track hope to have permits in hand and work beginning on the site in December. Says Bobby Epstein, an investor in Wandering Creek, "I'm elated and hope this all comes to fruition... I'm highly optimistic that all the moving parts will come together."

According to News 8 in Austin, Red McCombs, founder of the McCombs Automotive Group and former owner of the San Antonio Spurs and Minnesota Vikings, is backing the project, which he is reportedly calling "Speed City." Want to see the proposed site for yourself? Click here for a Google Map of the location, which coincidentally enough (or not) is fortuitously close to the Austin-Bergstrom International Airport.

[Source: Statesman, News 8]