Formula One will unveil a New Jersey Grand Prix for the 2013 season according to the mayor of West New York.
Formula One chief Bernie Ecclestone has long hoped to bring the world's most lucrative motor sports championship to the New York City area and that will be realized as a deal was reached with a consortium of investors and city and state governments.
The U.S. returns to the Formula One calendar next year with a stop in Austin, Texas, but the New Jersey race will provide a cost-effective way to twin the event with the Canadian Grand Prix in Montreal.
F1 had previously held races in the state of New York at the track at Watkins Glen in Schuyler County, some 250 miles from New York City.
Watkins Glen International held the United States Grand Prix from 1961 to 1980 while F1 races have also been held at Long Beach in California, Las Vegas, Detroit, Dallas, Phoenix and Indianapolis.
The last F1 race in the U.S. was held at Indianapolis in 2007 and was won by British McLaren driver Lewis Hamilton.