AUSTIN: Formula 1 on Sunday announced an eight-year extension with the Circuit of the Americas to continue hosting the United States Grand Prix through 2034.

The central Texas track has been a key US footprint for the global motorsports series since it opened in 2012. The race has become one of the highest-attended events on the schedule every year, with officials claiming more than 400,000 fans in 2022 and 2023.

“We’re glad Formula 1 has found a home in Texas, and are grateful to the fans, teams, and the entire F1 community who have consistently supported us and made the United States Grand Prix a favorite stop on the global calendar," track president Bobby Epstein said in a statement.

The extension was announced just a few hours before Sunday's race. According to track officials, this year's race weekend included fans from all 50 states and 60 countries.

The Circuit of the Americas is the only purpose-built F1 track in the country and hosted the only F1 race in the US from 2012-2021. The series has now expanded to include races in Miami and Las Vegas, and recently extended the Miami Grand Prix through 2041.

The US Grand Prix also has a unique arrangement with the state of Texas that allows race officials to apply annually for tax revenue to help pay F1's license fee for staging the event. Since 2012, the state has paid more than $300 million.

Formula 1 officials say the race has generated an economic impact of about $7 billion for Austin and Texas since it began.

Stefano Domenicali, president and chief executive officer of Formula 1, noted the track's role in “establishing the strong foundation we now enjoy in the US”

“As Formula 1 continues to grow and thrive in the United States, we are proud to extend our partnership with Bobby Epstein and his outstanding team in Austin, as well as with Governor (Greg) Abbott, whose leadership has been instrumental in supporting the sport’s development in Texas and beyond," Domenicali said.

The race contract comes three days after Formula 1 announced a five-year deal with Apple to be the series's US broadcast partner beginning next season.

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F1 extends US Grand Prix at COTA with 8-year deal