New plans for an F1 race in New York have been revealed by the Wall Street Journal.

The mayors of Weehawken and West New York, Richard Turner and Felix Roque, have backed the plan for a race on streets alongside the Hudson river which could take place in 2013.

They said: “In these uncertain economic times when every direct and indirect revenue source is vital, our own Formula 1 race could be a very positive boost to our citizens.

“This said, we need to ensure that the financial benefits from the privilege of having these races in our towns are equitably shared and that no tax dollars are used. The investor group has already told us that our towns would be substantially compensated annually.”

The mayors are in discussion with businessman Leo Hindery and a group of potential investors.

Hindery is the founder of private equity fund InterMedia. In 2009 he made an unsuccessful bid to purchase the Chicago Cubs baseball team through the fund.

Hindery also races: he finished first in the GT2 class in the 2005 Le Mans 24 Hours, sharing a Porsche 911 GT3 with Mike Rockenfeller and Mark Lieb.

A provisional circuit diagram was also revealed:

If the race were to take place, it would be the second American round alongside the Austin Grand Prix, which will take place for the first time next year.

Bernie Ecclestone has been trying to arrange an F1 race in New York since the 1970s. A race at a new track planned for the Queens’ district was put on the 1983 calendar but failed to materialise.

In 2010 a plan for a race in Liberty State Park appeared, but failed to gain the support of officials.

Ecclestone outlined his vision for a race in New York as recently as last year, saying he would like a race, “in front of Manhattan in New Jersey, with the skyscrapers in the background.

“Fifteen minutes from the centre of New York to the circuit would be marvellous.”

F1 teams have also expressed a desire to see two races in America. In the F1 Fans’ Forum in June FOTA chairman Martin Whitmarsh said: “America doesn’t need us, but we need to conquer it.

“Maybe we need to have two races a year and a proper marketing programme.”

He added: “We’ve got to be on the east coast and the west coast. It’s a big enough market and an important enough market to have two races and we should be over there.”

F1 held a round of the world championship at Watkins Glen in New York from 1961 to 1980.

F1 in New York