The 2016 U.S. Grand Prix F1 Race Will Happen After All (Update: Confirmed)Stef Schrader3/09/16 11:15amFiled to: Austin F1USGPF118434EditPromoteShare to KinjaToggle Conversation toolsGo to permalink Austin’s Circuit of the Americas will announce tomorrow that the 2016 Formula One United States Grand Prix will go on as planned, reports the Associated Press. This report follows months of speculation as to whether financial issues with the race could force it off the F1 calendar for 2016. UPDATE: It’s officially happening. Advertisement A Wednesday news conference has been scheduled by the track for an important United States Grand Prix-related announcement, however, no further details were given in the invitation.According to a government employee with direct knowledge of the conversations regarding the event, track representatives told local officials that the announcement confirming the 2016 grand prix will be announced then. The employee leaked the information to the AP on condition of anonymity. Advertisement The race has been listed as subject to confirmation on the Formula One schedule following a string of financial issues that many suspected could derail or cancel the 2016 race. COTA chairman Bobby Epstein described last year’s United States Grand Prix as “financially devastating” due to the race’s low turnout. The facility is also still making repairs to storm and flood damage sustained last fall. On top of that, the state of Texas unexpectedly cut its contribution towards the United States Grand Prix’s sanctioning fees by $5.5 million. However, a recent settlement with the Travis Central Appraisal District to lower the valuation of the track for tax purposes is estimated to save COTA $13 million in taxes. Between that and other cost-cutting efforts at the track, it appears as though COTA has made the finances work to continue hosting the only F1 race in America. Sponsored The 2016 United States Grand Prix is planned for Oct. 23. Update 3/9: COTA this morning officially confirmed the race will happen. Also, Taylor Swift will headline the concert after the show. Advertisement You can’t cancel once T-Swift is locked in. Photo credit: Getty ImagesContact the author at firstname.lastname@example.org.