New Jersey to host Formula 1 Grand Prix in 2013 – Formula 1 news
Wall street journal reported that New Jersey will be hosting Formula 1 Grand Prix in 2013.
New Jersey is planning on a street race along the Manhattan skyline, while the announcement for the plans is due on Tuesday and the race is reported to hit the streets in June 2013.
The townships of West New York and Weekawken earlier in 2011 announced their interest in bringing F1 to the city.
It is also reported that the race will be running alongside the US Grand Prix in Austin, Texas in 2013. The Texas circuit is destined to make its debut in 2012.
The race in New Jersey would be privately funded with Leo Hindery Jr leading the group of investors. Hindery Jr is a former chief executive of the YES TV network.
“In these uncertain economic times when every direct and indirect revenue source is vital, our own Formula One race could be a very positive boost to our citizens,” mayors Richard Turner and Felix Roque said in a joint statement last August.
“This said, we need to ensure that the financial benefits from the privilege of having these races in our towns are equitably shared and that no tax dollars are used. The investor group has already told us that our towns would be substantially compensated
annually.”
The news comes at the backdrop of a few new circuits being developed recently, Korean Grand Prix debuted in 2009. This year India is getting its first taste of Formula 1 and next season Texas will be unveiling its new circuit. All this is a part of the much
needed growth of Formula 1, the sport is quite popular but not enough to sustain viable profit.
Although growth is good for the sport, but making sure the new circuits are benefiting Formula 1 as well as the circuit is also important for success.
Recently, Korean Grand Prix organisers raised the issue of not being able to generate a profit and required the Formula 1 boss Bernie Ecclestone to cut down the hosting fee to alleviate the deficit they face.
Ecclestone at the moment is looking for sponsorship deals for the 2013 Grand Prix in the city, and getting sufficient sponsors for the event to be profitable must be on his mind.
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