Yeehaw! US Grand Prix in Texas given OK by F1

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AUSTIN, Texas (AP) -- Formula One is returning to the United States in 2012 after reaching a 10-year deal to hold the U.S. Grand Prix in Austin, Texas.

Formula One's racing calendar with the U.S. Grand Prix was formally approved Wednesday at a World Motor Sport Council meeting New Delhi, India. Race organizers announced they reached a contract deal with F1 boss Bernie Ecclestone, ending a financial dispute that threatened the kill the race and a new track being built for it.

The race will mark F1's return to the United States for the first time since 2007.

Work on the Circuit of the Americas track had been halted for several weeks by the contract dispute. Race officials said construction would resume immediately.