After an absence on the calendar since 2003, Austria appears to be back on the Formula One calendar in 2014.

Barring disapproval from the FIA, Red Bull owner and track landlord Dietrich Mateschitz struck a deal to host the July 6 race on the aptly named Red Bull Ring.

Originally called the Osterreichring, the 1969 circuit was forced to undergo construction between 1995 and 1996 amidst safety concerns. The redesign was fronted by renowned designer Hermann Tilke and funded by cell phone provider A1, resulting in it being named the A1 Ring from 1997 to 2003.

Following the last F1 in race that year when Michael Schumacher took victory ahead of Kimi Raikkonen and Rubens Barrichello, many of the existing amenities were demolished to make way for new development.

Following construction, the track was reopened as the Red Bull Ring in 2011, and since has hosted numerous DTM and FIA-sanctioned races.

Formal approval of the Formula One race will take place later this year when calendar dates are set.