Race organizer tells Autoweek that New Jersey organizers are in ‘breach of contract’

HUDSON COUNTY — Autoweek reported last week that the head of Formula One racing, Bernie Ecclestone, is alleging that those organizing the proposed 2015 Grand Prix for New Jersey have breached their race contract and haven’t given him necessary payments since an agreement was reached in 2011.
Other groups of people might take over the race, he told Autoweek last week.
The race was planned for 3.2 miles of roads in Weehawken and West New York, along the waterfront. The roads would be closed to the public during the race. It has been postponed from this summer to next summer because the organizers didn’t have the necessary funding in time.
According to Autoweek, “The organizers, Port Imperial Racing Associates (PIRA), are led by Leo Hindery Jr., a sometime racer and managing partner of private equity fund InterMedia Partners. Hindery is understood to have put more than $10 million of his own money into the New Jersey race project. However, another $100 million is needed to complete work on the track and get the green light. Hindery has appointed investment bank UBS to try to raise the money and PIRA has also borrowed $10 million from the Formula One Group, which runs the race series.”