Formula One has stated a strong financial case in its bid to return to Long Beach.

The southern Californian resort staged the last of seven grands prix in 1983, following which CART and IndyCar have taken to its streets.

Formula One is still waiting to hear whether Long Beach city council officials will put the contract for a race out to tender as IndyCar stages the last event of its current deal next year.

Chris Pook, the man who took F1 to Long Beach almost 40 years ago, is currently working on behalf of Bernie Ecclestone who is determined to again return to the west coast of America.

Pook this week presented F1’s case to a group of local businessmen, in particular to allay fears with regard to cost.

Pook claims £5.5 million is required to upgrade the current circuit to F1 standards, a sum that will be met by the promoter.

“People have been saying it would cost £60 million, and that number has just stuck in people’s minds. It’s not even close to that,” Pook was quoted as saying.

Pook also claims the promoter will not charge the city a fee to hold the race, and that all expenses would be met.

Citing what the United States Grand Prix has done for the city of Austin, Texas, Pook added: “The net tax gain for Austin in 2013 was £3 million, and the net gain for Texas was £10.4 million.

“The value of F1 is that it provides new money.”

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