Ecclestone has received US GP cheque - backer

Preparations for the inaugural US grand prix in Texas are set to get back into gear.

The FIA announced after Wednesday’s World Motor Sport Council meeting that the event is still scheduled to be held at the Circuit of the Americas in Austin next November.

Earlier, Bernie Ecclestone had said Wednesday was the final deadline for a dispute with the organisers - who had halted construction of the circuit - to be resolved.

"Mr Ecclestone received his cheque today," chief backer Red McCombs said in a statement. "We want to thank the fans supporting us, the local officials and businesses that have encouraged us, the state of Texas, Circuit of The Americas’ staff and Bernie himself."

Founding partner Bobby Epstein added: "Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future. We remain committed to reaching our goal of being valuable community partners as we establish a platform for sports and entertainment. We’re glad that Tavo’s vision of bringing F1 to the people of Texas will become a reality."

Engineering and construction teams working on the track will resume immediately, ensuring completion for the 2012 race date.