Formula E could replace Formula 1 in bid for New York race 29 March, 2014 Press conference announcing New Jersey F1 project in 2011 The new FIA sanctioned electric single seater series Formula E could sweep in and snap up a New York street race, which was being earmarked for a grand prix. Series organiser Alejandro Agag told Forbes that talks with city authorities are underway. Formula 1 has been planning a street race amid the Manhattan skyline, but the event has been repeatedly delayed, with the main problem reportedly being money. “We are working with New York,” Formula E’s Agag told Formula 1 business journalist Christian Sylt, “but we are kind of waiting to see what happens with Formula 1.” Formula E’s advantage, according to Sylt, is that while Formula 1 charges promoters a fee of up to $27 million per race, the new electric series is offering its events to cities for free. “Mr Agag does not ask for a hosting fee,” Sylt said, “but in return requires cities to provide prime positions for the race as well as assistance with the preparations and introductions to local sponsors.” Agag admitted he is trying to woo the New Jersey Formula 1 race promoter Leo Hindery. “In New York the hospitality revenues would be huge so Hindery should put the money forward and he would recover it,” he said. (GMM) Reports on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Formula 1 teams, sponsors & organisations.