Tuesday, 2 August 2011

USA Street Race As Soon As 2013?

Two mayors in New Jersey towns USA have announced Tuesday they are in early talks with a group of investors led by Leo Hindery Jr. to host an annual Formula One race reports The Wall Street Journal. Weehawken mayor Richard Turner and West New York mayor Felix Roque are counting on the grand prix to bring millions of dollars of spending and investment to their areas each year.

In a joint statement, mayors Turner and Roque said: "It is already clear that the economic impact on our towns and local businesses from this Formula One race could be dramatic, in the order of several hundred million dollars to the region annually.

"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. 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. If this advances, we will make every effort to ensure that these events will be highly enjoyable for the people of our towns."

Leo Hindery Jr who has a long history in motorsport and is the founding chairman of The Yes Network which is the nations largest regional sports network said: "We are thrilled about the possibilities associated with our discussions to bring Formula One racing to New Jersey, and we're grateful for the mayors’ consideration. We are fully committed to an open public process, which will include dialogue with residents, elected officials and other key stakeholders."

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