A short statement has been issued to Austrian media outlets by the energy drinks company on Tuesday morning that F1 is all set to return to the circuit. The statement said that negotiations have been concluded for F1 to return to the circuit.

The Austrian-based company behind the F1 team said Tuesday that Dietrich Mateschitz, who is a Red Bull owner, and Bernie Ecclestone have reached an agreement to bring back Formula One Racing to the Province of Styria.

Formula One Race was hosted for the last time in 2003. It was before it fell off the calendar because of redevelopment plans at the Spielberg circuit.

Its new owner Red Bull was planning the future of the venue. A major investment later on led it to reopen as the newly named Red Bull Ring in 2011.

The move reflects the wish of Mateschitz to attract F1. Discussions were held last winter regarding race there this year as a replacement for New Jersey.

Somehow, the deal was not struck for 2013. But now, it has emerged that Red Bull has managed for next year instead.

FIA has to formally approve the return of the Austrian Grand Prix later this year. After a break of 11 years, Formula One Racing is all set for a return to Austria in 2014.