Bernie Ecclestone has hinted that he would be happy for F1 to make a return to Austrian soil following the reopening of the circuit formally known as the A1 Ring.

Now owned by Red Bull boss Dietrich Mateschitz, the circuit has been rebranded as the Red Bull Ring and is set to host rounds of both the DTM and Formula 2 this season.

While Mateschitz isn't expecting a return to the F1 calendar, the circuit is set to have F1 homologation and Ecclestone insisted that 'anything was possible' when quizzed by the APA news agency about the possibility of a return for the Austrian GP.

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"It is good that the circuit is ready to go again," he said. "We have always gone down there very happily. We have always loved Austria."

Reports have suggested that F1 teams are keen to the new version of the Concorde Agreement to include a provision for more races on European soil to go against the current trend of increasing the number of events in new Asian markets.

Austria last hosted an F1 race in 2003 before the pit buildings and grandstands at the circuit were demolished the following year. However, following Red Bull's investment, the circuit has now been taken back to usable standard.