Not for the first time New Jersey is being touted as the possible host of a Formula One Grand Prix.

However, this time around, as work on the Austin track continues in preparations for next year's inaugural race, it is claimed that the New Jersey event, which already has some serious supporters, could be in place by 2013.

It's understood that the mayors of Weehawken and West New York, both in New Jersey, are in talks with a group of investors regarding the possibility of a Grand Prix.

Weehawken Mayor Richard Turner and West New York Mayor Dr. Felix Roque have both confirmed meeting a number of potential investors including former cable network TV head Leo Hindery Jr, managing partner of InterMedia Partners, a New York-based media industry private equity fund. and until 2004, chairman and CEO of The YES Network, the nation's largest regional sports network which he founded in 2001.

Interestingly, Hindery is a keen race fan, indeed, he has competed at Le Mans on a number of occasions and also contested the American Le Mans Series and Grand-Am Rolex Sports Car Series.

While the talks are still at an early stage, both Mayors believe the event could be hugely beneficial for their municipalities.

"It is already clear that the economic impact on our towns and local businesses from this Formula One race could be dramatic, in the order of several hundred million dollars to the region annually," said Turner and Roque, according to the Jersey Journal. " 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. The investor group has already told us that our towns would be substantially compensated annually."

"We are thrilled about the possibilities associated with our discussions to bring Formula One racing to New Jersey," said Hindery, "and we're grateful for the mayors' consideration. We are fully committed to an open public process, which will include dialogue with residents, elected officials and other key stakeholders."

It is understood that the planned location for the event would make use of Boulevard East and River Road on the waterfront with Manhattan in the background - just what Bernie always dreamed of.