The original 3.7-mile circuit known as the Österreichring was built in 1969, but safety concerns with the ultra-fast course prompted a complete redesign in 1996, with the circuit shortened to 2.7 miles in length and renamed the A-1 Ring. The circuit hosted a round of the World Motorcycle Grand Prix Championship in 1996 and 1997. Unfortunately the grandstands and ancillary buildings soon became outdated, and the facility fell into disrepair until the property was purchased by billionaire Red Bull energy drink owner Dietrich Mateschitz in 2004. The facility was completely rebuilt, and reopened in 2011. The "new" Red Bull Ring was apparently impressive enough to warrant a return of F1 to the circuit in 2014, with MotoGP now following suit this year.