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).
