The United States Grand Prix has finally been confirmed for the 2016 F1 world championship by Circuit of the Americas chairman and CEO Bobby Epstein.

After hosting the race which saw Lewis Hamilton clinch his third F1 world title last year, the US Grand Prix had been thrown into uncertainty after the Texan state government significantly cut funding to COTA's hosting of F1.

The original agreement, signed in 2012 when the circuit made its F1 debut, of $25 million per year had been slashed to $19.5 million after a revised economic formula was used to calculate the race's economic boost for the area.

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Last year's race was also heavily hit by lower ticket sales due to storms - which postponed qualifying until Sunday morning and created a wet-to-dry race - which jeopardised its running in 2016.

The official F1 calendar had pencilled in the US race for the 21-23 October but it was subject to confirmation due to the financial concerns. Epstein has now gladly given the race the green light.

"We are so happy to confirm F1's return to," Epstein said. "Since we first hosted this event in 2012, we have gained a lot of knowledge and insight that has allowed us to make significant annual improvements to the event that we are confident will continue to establish the Formula 1 United States Grand Prix as the standout race weekend on the F1 calendar.

"We're looking forward to welcoming visitors to Texas and the Circuit of The Americas, for what promises to be an amazing weekend."