UBS Is Trying To Bring A Grand Prix Race To New York

REUTERS/Christian Charisuis

Swiss investment bank UBS has been appointed by the organisers of the planned New York Grand Prix in a bid to secure $100m (£65.7m) of funding to enable the race to go ahead in 2014.

The 3.2-mile track is on public roads in Port Imperial, New Jersey. It snakes alongside the Hudson river and would give the race a spectacular backdrop of Manhattan's historic skyline.

The plans are close to the heart of Formula One's chief executive Bernie Ecclestone, as he has been trying to hold a grand prix in the New York area since the 1980s. There have been numerous false starts, most recently in 2011 when New Jersey governor Chris Christie announced with great fanfare that the race, known as the Grand Prix of America, would take place in June 2013.