F1 » Ecclestone secures New Jersey race deal - Mercedes-Benz Forum

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post #1 of 3 (permalink) Old 06-12-2013, 05:52 PM Thread Starter
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F1 » Ecclestone secures New Jersey race deal

Ecclestone secures New Jersey race deal

12 June 2013
Bernie Ecclestone comes to the financial aid of event organisers to ensure second American Grand Prix will take place from 2014


Bernie Ecclestone has secured a second American Grand Prix for the 2014 Formula One calendar, after agreeing a 15-year deal for the sport to race in New Jersey.

The 82-year-old scrapped the initial deal last year after the event organisers were deemed to have broken the terms and conditions of the contract. Ecclestone though, has come to the financial rescue of the event and agreed to settle a number of their outstanding debts.

The race, which will now take place after the Canadian Grand Prix in 2014, will be located along the banks of the Hudson River in New Jersey, with the Manhattan skyline as its backdrop.

GPA executive chairman and race promoter Leo Hindery Jnr says the race has been long in the making and has praised Bernie Ecclestone for his continued support: “The Grand Prix of America at Port Imperial has been a dream of many in the sport for over a decade,” he said.

"We had hoped to be ready to race in June 2013, but by late last fall, it was clear we would not have in place in time the long-term capital structure needed.

"Thanks to the patient, invaluable support of Bernie Ecclestone and FOM (Formula One Management) we now have the long-term sanctioning agreement needed to go racing for years to come."

The race will be the second on the calendar that features in the United States, after the American Grand Prix in Texas debuted in November of the 2012 season.
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post #2 of 3 (permalink) Old 06-17-2013, 11:03 AM
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When people in NJ start talking seriously about this race then we will be closer to reality with it.

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post #3 of 3 (permalink) Old 06-18-2013, 08:43 AM
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In my experience, when a company is preparing to go public or have a big stock sale it has to raise awareness in the capital markets, i.e. New York. Many companies have opened locations in New York prior to an IPO.

Even though the F1 flotation is scheduled in Singapore (no coincidence a race is already there) there will be plenty of trading with Wall St.

Bernie rarely, if ever, gets behind a race the way he has here. I can only surmise it is to raise awareness of F1 in the capital markets in conjunction with the flotation to insure its success. I believe this race will happen. You don't pull Chris Pook out of retirement just for fun.

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