Formula 1 could return to Austria at the Red Bull Ring

Austrian GP

The Austrian Grand Prix could return to the Formula 1 calendar for the first time in more than a decade.

Red Bull announced an agreement had been reached with F1 boss Bernie Ecclestone to stage the race, last held in 2003, next season.

"[Owner] Dietrich Mateschitz and Bernie Ecclestone reached an agreement that F1 will return to [the province of] Styria next year," read a statement.

The race would be held at the updated Red Bull Ring, previously the A1 Ring.

Red Bull, an Austrian-owned company, released the news to Austrian media on Tuesday.

It follows a refurbishment of the old Osterreichring circuit - which held the race between 1970 and 1987, then 1997-2003 as the A1 Ring - paid for by the drinks billionaire Mateschitz after he bought the track in 2011.

Previous winners of the race include Michael Schumacher for Ferrari (2002 and 2003) and David Coulthard for McLaren (2001).

The 2002 race is infamous for Ferrari's team orders for Rubens Barrichello to move over and let team-mate Schumacher take victory.