Four years after the former grand prix venue was demolished, the A1-Ring circuit in Austria is finally set to be rebuilt.

Work at the circuit in Zeltweg, supported by Red Bull's Dietrich Mateschitz, begun this week, following years of to-ing and fro-ing about the fate of the former Osterreichring.

Austria's 'sportnet' reports that Mateschitz is injecting about 70 million euros into the project.

The restored A1-Ring is to get new pit buildings and grandstands, after the originals were knocked down in anticipation of a bigger redevelopment following the last Austrian grand prix in 2003.

The restored circuit should be up and running by 2010.

"I am happy that Dietrich Mateschitz kept his word and the project is finally on track," Styria politician Christian Buchmann is quoted as saying.

Originally known as the Osterreichring, the circuit was built in the late 1960s and updated in 1997 to host seven more grands prix until 2003.

Source: GMM