Swiss Investment Bank UBS Tipped In Bid To Land $100M For N.Y. Grand Prix
Swiss investment bank UBS "has been appointed" by N.Y. Grand Prix organizers in a bid to secure $100M of funding to enable the race to go ahead in '14, according to Christian Sylt of the London TELEGRAPH. F1 circuits "typically cost" more than $250M to build, but using public roads "avoids this expense." The downside is that "there is no asset for investment to be secured on." No public funds "will be invested in the race." The UBS memorandum states that the funding "is required to complete the engineering work and build the Club of America VIP hospitality area, where guests will get a close-up view." UBS forecasts that corporate hospitality tickets will cost $4,255 each and, along with general admission, will generate 80% of revenues. It added that "the average ticket price is expected to be" around £358 ($563), compared to £288 ($438) at the British Grand Prix Sunday (TELEGRAPH, 6/30).