Associated Press - July 27, 2010 1:55 PM ET

AUSTIN, Texas (AP) - Former San Antonio Spurs and Minnesota Vikings owner Red McCombs is a key investor backing the new U.S. Grand Prix Formula One race to be run in Austin beginning in 2012.

A wealthy car dealer, McCombs was introduced at a news conference Tuesday to unveil the track site for the race that promoters have said will run in Austin for at least 10 years.

Formula One has said it will be the first track built in the U.S. specifically designed for a Grand Prix event. The German firm Tilke has been hired to design the venue. Tilke has built racetracks in Abu Dhabi, Bahrain, Shanghai and Istanbul among other cities.

Formula One hasn't raced in the U.S. since 2007 after an 8-year run at Indianapolis Motor Speedway.

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