The US GP in Austin may soon have its ‘subject to confirmation’ status finally removed from the 2016 Formula 1 calendar.

Organizers of the American race scheduled for October 23 at the Circuit of the Americas in Texas will be hosting a news conference on Wednesday, where it is expected the race will be confirmed, although no details have emerged.

The event ran into to financial trouble at the end of last year as it was hit by a double whammy. For starters, the 2015 race was washed out by horrendous weather which severely impacted revenue.

But shortly later, Texas announced that subsidies fed to event’s promoters would be scaled back to around $ 19.5 million from $ 25 million, a decision which put the US GP in jeopardy.

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.

Since last December, Bernie Ecclestone has said repeatedly that he is confident COTA can make its finances work, and that he expected the race to eventually go ahead.