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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.

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Love it or hate it, the Formula One circus is heading to Austin, Texas. The reinstated United States Grand Prix is set to take place in the Lone Star capital city starting in 2012 and the annual event will surely infuse an added boost of tourism revenue into the Austin area. But just how much will the initiative cost Texas taxpayers?

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We now know who will be drawing up the Austin, Texas Formula One circuit. According to ESPN F1, the man behind the grand prix track will be none other than Hermann Tilke – the sport's favorite designer. His engineering firm has been behind over 10 tracks since 1998 and is currently working on at least four others, including the new facility here in the good ol' US of A.

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There has been no shortage of entrepreneurs over the last couple of decades hoping to play host to a Formula One race. But as many of them have discovered, hopping into bed with Bernie Ecclestone is a surefire way to prove Roger Penske's motorsports maxim: "The quickest way to make a small fortune in racing is to start with large fortune."

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Formula One impresario Bernie Eccelstone wants to bring his series back to the United States, but he's apparently not keen on returning to Indy, site of the U.S. Grand Prix from 2000-2007. Instead, he hopes to stage the race in a big media market like New York City. While the idea of an F1 street course in Manhattan has surfaced repeatedly over the years, anyone familiar with the city will tell you the concept is clearly idiotic.

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If you can't bring America to Formula One, then they'll bring Formula One back to America. So while the USF1 effort may have tanked, reports are mounting over the return of the United States Grand Prix to the F1 calendar.

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While the New York Auto Show is under way at the Javitz Center, on the opposite side of the globe the Big Apple came up in an entirely different context. Speaking with Italy's sports journal La Gazzetta dello Sport during this past weekend's Australian Grand Prix, Formula One supremo Bernie Ecclestone revealed that negotiations are underway to bring a grand prix to the New York area.

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During the Bahrain Grand Prix last weekend, Formula One supremo Bernie Ecclestone was quoted as saying that a return to the Indianapolis Motor Speedway was under consideration. Not so fast, say spokesmen for the speedway, who say that while the facility is interested in bringing the U.S. Grand Prix back, talks are not currently taking place.

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Now that the USF1 team has received the go-ahead from the FIA as one of the three new teams to join the grid next year, the boys in Charlotte are working away in preparation of an anticipated launch of their first chassis before the end of October. According to team principal Ken Anderson, the design is almost finalized, and they're just waiting for $5 million in machinery and the specs on the new Cosworth engine they'll be running to arrive before they can begin manufacturing. Currently the tea

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2010 Ducati 848 Nicky Hayden Special Edition - Click above for high-res image gallery

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