F1 United States Grand Prix will remain in Austin until 2034

F1 United States Grand Prix to remain in Austin

The annual Formula One race in Austin has come and gone but the premiere event will continue to return after a new deal was announced. FOX 7 Austin's Marco Bitonel has the details.

AUSTIN, Texas - F1’s United States Grand Prix will stay in Austin for the next nine years after a new contract was announced.

Formula One released they had reached an extension with the Circuit of Americas, keeping the U.S. Grand Prix on the schedule until 2034.

The announcement was made just a few hours before the race on Sunday (10/19) which was won by Red Bull's Max Verstappen. McLaren's Lando Norris was second and Ferrari's Charles Leclerc was third.

What they're saying:

"We’re glad Formula 1 has found a home in Texas, and are grateful to the fans, teams, and the entire F1 community who have consistently supported us and made the United States Grand Prix a favorite stop on the global calendar. Equally, we’re proud of - and appreciate - the people of Central Texas who have been such welcoming hosts!" says Chairman of Circuit of the Americas Bobby Epstein.

"With this contract, COTA will overtake Watkins Glen as the longest serving Formula 1 track in the United States. Thanks to the great support and a wonderful host city, the United States Grand Prix has grown to be one of the world’s biggest single weekend sporting events - with an unrivalled annual economic impact," Epstein adds.

Formula 1 United States Grand Prix back at COTA

Chairman of the Circuit of the Americas Bobby Epstein talks to Tierra Neubaum about the race and what it means for the city of Austin.

By the numbers:

The premiere racing event draws in spectators from across the world to Central Texas. 

F1 reports that in recent years the race has attracted over 430,000 fans.

According to the Travis County Commissioners Court, since arriving in Austin 2012, F1’s U.S. Grand Prix has generated over $10 billion of economic impact for the Central Texas Region. This includes over $1 billion of economic impact in the Travis County area annually. 

Dig deeper:

Franco Colapinto of Argentina driving the (43) Alpine F1 A525 Renault leads Gabriel Bortoleto of Brazil driving the (5) Kick Sauber C45 Ferrari and Lance Stroll of Canada driving the (18) Aston Martin F1 Team AMR25 Mercedes on track during the F1 Gra (Getty Images)

Expand

Travis County could also be receiving financial assistance for hosting the U.S. Grand Prix. 

On Thursday, the Travis County Commissioners Court authorized Circuit Events Local Organizing Committee as it’s designee for the Major Events Reimbursement Program. 

The Texas program helps to local governments to attract major events by reimbursing them for costs to hosts events like the Grand Prix.