Massive news for motor sports fans: Formula One has announced that it has signed a deal to resurrect the United States Grand Prix, with Austin serving as the host city for 10 years.

The surprise announcement came this afternoon that Formula One World Championship Limited, Formula One Administration Limited, and Full Throttle Productions, LP, have reached an agreement to bring F1 to Austin, starting in 2012.

Motor sports in the U.S. are so dominated by NASCAR that many people are unaware of just how enormous F1 really is. The traveling international tournament is a massive endeavor: This year, the 19-race season visits Europe, the Middle East, Australia, South America, and Canada. The last U.S. Grand Prix was held in 2007 on the Indianapolis Motor Speedway. The announcement means that Austin beat out the Monticello Circuit in New York state, which was also bidding. Rather than using a pre-existing track or, as for the Monaco Grand Prix, Formula One Group President Bernie Ecclestone announced today that "a world-class facility will be purpose-built to host the event."

Mayor Lee Leffingwell said, "The City of Austin will be proud to host this magnificent event and I look forward to welcoming the participants and fans of Formula One to our City."