Tweet
F1 Races in some of the best places in the world, and now it is coming to the finest place of them all! :weights:
New Jersey set to host F1 race in 2013 | Formula 1 | Formula 1 news, live F1 | ESPN F1
It is expected that plans to stage a grand prix in New Jersey will be announced later today, with the first race being staged as soon as 2013. The mayors of Weehawken and West New York recently revealed they were in negotiations with several investors. The intention is not to use any public funding as it was felt this would be deeply unpopular in a time of recession.
Richard Turner, the Mayor of Weehawken, and Felix Roque, his counterpart in West New York, believe the race could kick-start a stagnant local economy. "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," they said in a joint statement.
"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 reports suggest the New Jersey race will run alongside the US Grand Prix in Austin, which is set to make its debut on the calendar next season, although a second race is unlikely to be well received by investors in the Austin project. It is also possible state funding, which is key to the venture, could be jeapordised by a New Jersey GP.
"The New Jersey race has no bearing on the Austin race," said Brooke Botello, a spokesperson for Texas Comptroller Susan Combs. He added that rules regarding use of the fund would apply if a similar event were held in Texas, but not if it were being staged in another state or region.
Local attorney Bill Aleshire, a vocal opponent of the race subsidy, disagreed with that interpretation. This past weekend, Aleshire sent Combs a letter stating that should a second US Formula One race be secured, then F1 would be "disqualified from receiving the $250 million in tax kick-backs from Texas. By our state law, the Texas tax kickback is available if Texas has the only F1 U.S. Grand Prix."
F1 CEO Bernie Ecclestone has been in talks with various promoters to bring a street race to Greater New York over the years but the plans have never reached fruition.
New Jersey set to host F1 race in 2013 | Formula 1 | Formula 1 news, live F1 | ESPN F1
It is expected that plans to stage a grand prix in New Jersey will be announced later today, with the first race being staged as soon as 2013. The mayors of Weehawken and West New York recently revealed they were in negotiations with several investors. The intention is not to use any public funding as it was felt this would be deeply unpopular in a time of recession.
Richard Turner, the Mayor of Weehawken, and Felix Roque, his counterpart in West New York, believe the race could kick-start a stagnant local economy. "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," they said in a joint statement.
"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 reports suggest the New Jersey race will run alongside the US Grand Prix in Austin, which is set to make its debut on the calendar next season, although a second race is unlikely to be well received by investors in the Austin project. It is also possible state funding, which is key to the venture, could be jeapordised by a New Jersey GP.
"The New Jersey race has no bearing on the Austin race," said Brooke Botello, a spokesperson for Texas Comptroller Susan Combs. He added that rules regarding use of the fund would apply if a similar event were held in Texas, but not if it were being staged in another state or region.
Local attorney Bill Aleshire, a vocal opponent of the race subsidy, disagreed with that interpretation. This past weekend, Aleshire sent Combs a letter stating that should a second US Formula One race be secured, then F1 would be "disqualified from receiving the $250 million in tax kick-backs from Texas. By our state law, the Texas tax kickback is available if Texas has the only F1 U.S. Grand Prix."
F1 CEO Bernie Ecclestone has been in talks with various promoters to bring a street race to Greater New York over the years but the plans have never reached fruition.
Comment