Dec.8 (GMM) Construction of the 2012 US GP venue in Texas capital Austin is resuming.

Work at the Circuit of the Americas had been halted amid the dispute between event founder Tavo Hellmund, the track's new management and financiers, and F1 chief executive Bernie Ecclestone.

That dispute was settled ahead of Wednesday's deadline of the World Motor Sport Council in India, where the race's inaugural November date was ratified by the FIA.

"We have an agreement," confirmed circuit spokesman Jeff Hahn, according to local KVUE news.

And Ecclestone told the Austin American Statesman newspaper: "Yes, there will be a race. We hope it will be for 10 years."

Founding partner Bobby Epstein suggested that while Wednesday's news is good for the event, it was also a victory for Ecclestone.

"Mr Ecclestone is a masterful negotiator. He fights hard for his company's best interests," he said.

As the news broke, local reports revealed that heavy machinery was rolling back onto the circuit construction site.

But after the most recent delay, time is now tighter than ever to complete the project ahead of the inaugural race date next November.

"Our construction group said they can get it done," insisted Epstein.

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