The future of the US Grand Prix has been secured with a 15-year contract agreed upon after Ernie Ecclestone stepped in to help play off the debts racked up by the tournament organisers. The race, originally scheduled for June 2013, has run into financial difficulties and the initial deal had been previously discarded by Ecclestone, but the Formula One boss has now come to the aid of the organisers.
A 15-year deal has been signed and the US Grand Prix penciled in for June 2014 following the race in Canada. It will take place on a 3.2 mile street circuit located in New Jersey and alongside the Hudson River.
"The Grand Prix of America at Port Imperial has been a dream of many in the sport for over a decade," said GPA executive chairman and race promoter Leo Hindery Jnr. "We had hoped to be ready to race in June 2013 but by late last fall [autumn] 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."
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