New Jersey set to host F1 race in 2013

New Jersey will host a Formula One race in 2013, according to a report in the Wall Street Journal.

Earlier this year the townships of West New York and Weekhawken announced their interest in bringing F1 to the city, with plans for a street race set against the backdrop of the Manhattan skyline. The latest report says an announcement is due on Tuesday which will see the race hit the streets in June 2013.

The reports suggest the New Jersey race will run alongside the US Grand Prix in Austin, which is set to make its debut on the calendar next season.

In August, the mayors of Weehawken and West New York released a joint statement saying the race would be privately funded, with Leo Hindery Jr, a former chief executive of the YES TV network, reportedly leading the group of investors.

"In these uncertain economic times when every direct and indirect revenue source is vital, our own Formula One race could be a very positive boost to our citizens," mayors Richard Turner and Felix Roque said in a joint statement last August. "This said, we need to ensure that the financial benefits from the privilege of having these races in our towns are equitably shared and that no tax dollars are used. The investor group has already told us that our towns would be substantially compensated annually."

F1 CEO Bernie Ecclestone has been in talks with various promoters to bring a street race to Greater New York over the years but the plans have never reached fruition.

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