Formula One racing will return to Austria next year after an 11-year absence, champions Red Bull, who own the Spielberg circuit in Styria, southeast Austria, said Tuesday.

The energy drink company said a deal had been struck between Red Bull founder Dietrich Mateschitz and Formula One chief executive Bernie Ecclestone.

"Dietrich Mateschitz and Bernie Ecclestone have reached agreement to the effect that ­Formula One will come back to Styria next year," Red Bull said in a brief statement.

"On condition of approval by the required ­authorities, July 6, 2014 is expected to be the date."

Austria last hosted a Grand Prix in 2003, after which the circuit was due to be extended, but construction work was stopped midway and the track became unusable for years before ­Mateschitz bought and rebuilt it, renaming it the Red Bull Ring.

Mateschitz, who founded Red Bull with two Thai partners in 1984, is one of Austria's richest people, with a net worth of $7.1 billion, according to Forbes.

AFP - Global Times