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The race circuit was founded as Österreichring and hosted the Formula One Austrian Grand Prix for 18 consecutive years, from 1970 to 1987. It was later shortened, rebuilt and renamed the A1-Ring, and it hosted the Austrian Grand Prix again from 1997 to 2003. When Formula One outgrew the circuit, a plan was drawn up to extend the layout. Parts of the circuit, including the pits and main grandstand, were demolished, but construction work was stopped and the circuit remained unusable for several years before it was purchased by Red Bull's Dietrich Mateschitz and rebuilt. Renamed the Red Bull Ring the track was reopened on 15 May 2011 and subsequently hosted a round of the 2011 DTM season and a round of the 2011 F2 championship. Formula One returned to the circuit in the 2014 season.