US Grand Prix at COTA confirmed for 2016 F1 calendar

Good news, American Formula One fans – the US Grand Prix at the Circuit of the Americas is reportedly part of the 2016 F1 schedule, which ends doubts about the race's future. Anonymous insiders claim that organizers have a deal to make the event happen, and they'll announce details soon, according to USA Today citing an Associated Press report.

Texas officials put the race in jeopardy after an audit showed the US Grand Prix brought in less revenue than anticipated. They responded by reducing the state's subsidy for the event to $19.5 million from $25 million, which would have hurt the track's ability to pay the series' high licensing fees. "If it's changed, it's going to be difficult to continue the race in Austin," Bernie Ecclestone told a newspaper at the time. COTA blamed low attendance on bad weather.

Track officials balanced the shortfall earlier this year when they were able to reduce the COTA's property tax, according to USA Today. The move reportedly saved over $10 million.

The F1 calendar schedules the US Grand Prix for October 23 as part of a series of races in the Americas. The event in Mexico starts the following week on October 30, and grand prix in Brazil is on November 13. The teams then heads back across the Atlantic to finish the season in Abu Dhabi on November 27.

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