Race organizers announced Wednesday the U.S. Grand Prix will run in 2016 after months of speculation that its financial struggles could scuttle Formula One's only race in the United States.
Circuit of the Americas President Bobby Epstein said race officials had paid Formula One its rights fee to hold the race last week. Terms were not disclosed.
Epstein said the track will also host a Taylor Swift concert as part of race weekend.
The U.S. Grand Prix in Austin had been tentatively set for Oct. 23. Financial concerns were raised after bad weather drove away crowds at the 2015 race, where Lewis Hamilton clinched his third consecutive championship. The track also saw its public funding slashed by nearly $6 million.
Epstein said the race should survive going beyond 2016.