He is an idiot. They used to have the F1 race in Watkins Glen and canceled it. Yeah, they will be in close proximity to their biggest US fan base but the traffic will suck bad and, face it, people in NJ are about as far from a European mentality as you can get, outside of Texans. He should have held it in Watkins. They would be within driving distance of NYC, Philly, Boston, Montreal and Toronto.
Watkins Glen can't afford the sanctioning fee. And even if they could, they wouldn't pay it because they make money on the NASCAR races which don't have as high of fee.
The reason why the US has had more F1 venues than any other country is because of that fee. In Europe government subsidies will fund the fee at least partially. In America, we don't play like that, unless it involves building a new football stadium.