13/06/2013
NEWS STORY
 |
Over the last few days it has been widely reported that the organisers of the Grand Prix of America, scheduled to take place in New Jersey next June, have a "long-term agreement" with Bernie Ecclestone. Even this morning, Sky proclaims that the “contact is in place”.
Odd therefore that such a deal has not been mentioned by Bernie's own website, the official website of Formula One.
Then again, other than the physical aspects of the circuit we referred to yesterday, we find it intriguing, having seen the Port Imperial Racing Associates (PIRA) prospectus, that having "invested over $24m to date in this project" - on what precisely? - UBS reveals that "incoming investors could acquire 100% of PIRA".
If it is such a great prospect, the prospectus claiming that the "model (is) expected to be profitable in first year with conservative assumptions" and that there is "strong support from the townships of West New York, Weehawken and Hudson County as well as strong collaboration with local developers" not to mention a "15-year agreement with local municipalities and principal property holders provides exclusivity to PIRA" and "unparalleled agreement with the F-1 organization in terms of revenue sharing opportunities, sponsorships, length of the contract and more"
Why would anyone be willing to sell 100% of the entire project?
Odd that.