A wealthy car dealer, McCombs was introduced at a news conference to unveil the track site for the race that promoters have said will run in Austin for at least 10 years.
Formula One has said it will be the first track built in the U.S. specifically designed for a Grand Prix event. The German firm Tilke has been hired to design the venue.
Tilke has built racetracks in Abu Dhabi, Bahrain, Shanghai and Istanbul among other cities.
Formula One hasn't raced in the U.S. since 2007 after an eight-year run at Indianapolis Motor Speedway.