Bernie Ecclestone’s help in paying off the debts racked up by organizers of the Grand Prix of America appear to have been the key to the race securing a new 15-year contract.
The future of the US Grand Prix was in serious doubt after an initial deal was torn up by Formula One boss Ecclestone, who said race organisers ‘had not complied with the terms and conditions of the contract’.
The event, which will take place along the banks of the Hudson River in New Jersey and with the Manhattan skyline as a backdrop, had run into financial difficulties.
Ecclestone, however, has since come to the aid of the organisers. And from that, a long-term contract has been signed that will begin from next year, with the race in June to follow Canada, as was originally planned for this year until it was cancelled.
GPA executive chairman and race promoter Leo Hindery Jnr said: ‘The Grand Prix of America at Port Imperial has been a dream of many in the sport for over a decade.
‘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 to satisfy Formula One of our readiness. 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, starting in June 2014.’
Last month, Ecclestone revealed how the sport had put money into the postponed Grand Prix of America to ensure it would go ahead next year.
‘There’s no reason why it shouldn’t happen. We’ve put money behind it to pay a lot of the things off, a lot of their debts,’ he said. ‘So I’m hoping now we are going to get it together. We’re going to try and make it happen next year.’
