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Formula 1

Red Bull Owner Financing Austrian Grand Prix Return

Formula 1 has not raced there since 2003

Mateschitz purchased the track and completed its renovation in 2011

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owner Dietrich Mateschitz that crafted a deal with Bernie Ecclestone to return the Red Bull Ring, formerly known as the Österreichring, to the Formula 1 calendar next season.

Dietrich Mateschitz and Bernie Ecclestone reached an agreement that F1 will return to Styria next year," said Red Bull in a statement.

Mateschitz purchased the track in 2005 and renovated it in 2011 to bring it up to modern standards. The track was originally built in 1969 as the Österreichring. It was rebuilt to be safer in 1996 and renamed the A1-Ring, after an Austrian mobile phone provider.

A date for the race has not yet been set.

Source: BBC