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New Jersey F1 race tickets to cost $563 on average

Jul 2, 2013, 10:00 AM EDT

F1 New Jersey AP

Ticket prices for the New Jersey Grand Prix will be sold at an average price of $563 according to UBS.

The Swiss financial services company which sponsors Formula One is behind an initiative to generate $100m of funding for the race as reported by the Daily Telegraph.

Passes for the prestigious Paddock Club will be priced at $4,255 for the race which will be run on a street circuit in front of the Manhattan skyline.

Race organizers expect 240,000 people to attend the three-day event which is slated to join the Formula One calendar next year.

Plans for the race were originally announced in 2011 when race organizers intended the Port Imperial street circuit to hold its first race this year. But it was struck from the calendar as work on the event fell behind schedule.

The New Jersey race will join the Circuit of the Americas as one of two Formula One grands prix to take place in the USA.

Leo Hindery, the former racing driver behind the planned race, claimed last month he had secured a 15-year deal with Bernie Ecclestone for the race.

F1 last raced in New York state when the Watkins Glen road course hosted the United States Grand Prix in 1980.

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