CART aims for an 'American Monaco'

Long Beach Grand Prix promoter Chris Pook is behind the plan to create a track that combines a trip along the St Petersburg waterfront with a blast along the runway of the adjacent Albert Whitted Airport.

"St Petersburg is a magnificent, historical city," said Pook. "When the circuit is built, and our friends from all over the south eastern United States bring their luxury yachts to the harbour, we will have another Monte Carlo."

The signing of the deal appears to be a formality, as city officials are keen to reap the financial benefits of such a high profile event.

"We have an unprecedented opportunity to attract an international audience to St Petersburg with this event," said St Petersburg's Mayor Rick Baker. "It will also create an economic boon to the city."

St Petersburg is no stranger to hosting motorsport events as the Trans-Am series raced around its streets between 1985 and '90. Florida's temperate winter climate allows the event to become the CART season-opener in February 2003, and should occur the week after NASCAR's Daytona 500.