(RacingWire) - United States Formula 1 fans have something to cheer about after today's unveiling of the new site for the 2012 U.S. Grand Prix.

The promoters of the newly awarded F1 race announced Tuesday the new permanent road course is being built southeast of Austin, Texas not far from the city's airport.

Also announced today, the race's primary financial backer is veteran sports team owner Red McCombs. McCombs is the former owner of the Minnesota Vikings, San Antonio Spurs and Denver Nuggets. He was on Forbes' list of 400 richest Americans in 2005.

The event is the brain-child of promoter and Austin native Tavo Hellmund. Hellmund, a former race car driver with a love for Formula 1, has worked for three years to bring F1 back to the United States. Hellmund promoted his home state of Texas while driving in European F3 races in 1995.

This project has been a tremendous undertaking,” said Hellmund. “But for at least the next decade, Texas will host a global sporting event on an annual basis in a new world-class multipurpose facility. Knowing that our hard work is being rewarded and that my dream is becoming a reality is extremely gratifying. It is a great honor to have Red McCombs and McCombs Partners as our primary investor and partner. 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 Formula 1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want,” stated 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. 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.”

Joining McCombs and Hellmund in this effort is Prophet Capital Management, an Austin based private investment company founded in 1995, and MotoGP World Champion Kevin Schwantz.

Stateside F1 fans have had plenty of disappointment in recent years with an ill-fated attempt to field a U.S. built and based Formula 1 team and the long-term failure of the United States Grand Prix at the Indianapolis Motor Speedway.

Today's announcement looks to be the best and most solid news for U.S. F1 fans in years.

While there has been no official word on potential race dates it isn't hard to speculate the date would be before or after the Candian Grand Prix with its traditional date in June.  This would keep travel costs for teams to a minimum.  The average June high temperatures in Austin are 91 degrees Farenheit with average rainfall just under four inches.

Hellmund has an agreement with the Formula 1 rightsholder to promote the USGP through 2021.