ISTANBUL, May 29 (Xinhua) -- United States Grand Prix promoter Tavo Hellmund Friday denied a budget deficit and said there's enough money in place to cover the cost of developing the Austin circuit in Texas.

A cost of 200 million U.S. dollars has been estimated for building the Texan venue.

Following Donington Park's recent failed attempt to develop its circuit to host the British Grand Prix, many have doubted on the U.S. GP, which signed a ten years contract with F1 this week.

"We've got the funding, but we don't have a billion dollars to build an Abu Dhabi," Hellmund said. "But what we do have is a great piece of land - it's a killer location."

"Our land is just a few miles from the airport so, for sure, it's a great location," he added.