The site location and the primary investor have been revealed by organisers of the 2012 United States Grand Prix.

Zak Brown, boss of the company that represents F1 sponsors including LG, Johnnie Walker and Hilton, said he thinks the news will allay some of the recent scepticism about the Austin project.

"A phased approach led a lot of people to wonder, How the hell is this going to come together?" the Just Marketing CEO is quoted by USA Today. "I think the timetable is the biggest question as opposed to whether it's going to happen.”

Ron Dennis, the long-time McLaren chief, agrees. "The race in Austin is challenging in the time scale, but I think it'll probably happen," he said. "But we will be in America (somewhere). We always get to America somehow."

Red McCombs, former owner of American sporting teams San Antonio Spurs, Denver Nuggets and Minnesota Vikings, was revealed as the primary investor.

And promoter Tavo Hellmund confirmed that the track will be built in southeast Austin in an area formerly known as Wandering Creek.

"They've got to start putting shovels in the ground really quick," Brown continued.

Ron Dennis added: "Even if they're one year late, it won't stop the project happening."

A spokesman said the actual track layout, designed by Hermann Tilke, will be released later this summer.