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SBD Global/September 3, 2014/Events and Attractions

F1 CEO Ecclestone Claims Investors In New Jersey Grand Prix Reneged On Deal

F1 CEO Bernie Ecclestone has revealed that "plans to host a Grand Prix in New Jersey were dealt a blow by several partners pulling out" of the $100M project, according to Christian Sylt for FORBES. The Grand Prix of America was "announced with great fanfare" in Oct. '11. Since the initial announcement, the F1 Group, which "holds the rights to the race series, has twice dropped the Grand Prix of America from its provisional calendar." The most recent bid to get a green light for the race came in April last year when the F1 Group provided a $10M loan to Port Imperial Racing Associates, which is organizing the Grand Prix and is led by private equity fund InterMedia Managing Partner Leo Hindery Jr. Ecclestone: "Two or three backers that Leo had had confirmed to me that they had an agreement with him and they were going to put the money up. If Leo had got the money or I had put the money up that race would have been on." Ecclestone recently said that he "doubted a race in New Jersey would ever happen." He said, "I don’t really think so. It is the same problems that it started with -- nothing has changed." Another source "close to the situation" said that "the local politicians are jumping into the 'lifeboats' and looking for ways to cover their political butts" (FORBES, 8/28).
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