Bernie Ecclestone: New Jersey Formula 1 race will happen in 2015

The New York street race, scheduled for June 1 next year on the provisional calendar, has been postponed while organisers work on "restructured financial arrangements for a 2015 race".

This follows the race dropping off the 2013 calendar because, according to promoter Leo Hindery, "we didn't have the financing in place to satisfy his [Ecclestone's] demands for a long-term race".

Ecclestone is known to have long coveted a race in the area and has given the event his backing.

"There is great demand for a race in New Jersey and I have no doubt we'll be racing at Port Imperial in 2015," said Ecclestone in a statement released by the race promoters.

"New races can take many years to get started, but there is significant momentum and we are close to realising a New York City F1 race."

Hindery has blamed the delay of the race on the financial complexities of putting together such an ambitious event at the planned Port Imperial track.

"Our entire management team and our supporters in New Jersey, New York and throughout the Formula 1 community obviously want to see the inaugural Grand Prix of America at Port Imperial take place as soon as possible," said Hindery.

"Bringing a world-class race to the world's largest media market is a huge undertaking that has required balancing construction of our road course, without tapping any public money, with the sport's own timing demands.

"I want to thank Formula One Management, New Jersey governor Chris Christie, mayors Richard Turner and Felix Roque, Roseland Property Company and the other local property owners involved for their patience while we've worked to get this right so that we can finally go racing in 2015."

Chris Pook, best known as the man behind the Long Beach Grand Prix, joined the Grand Prix of America project earlier this year and is confident the race will happen.

"This is a very complicated circuit and incredibly important to the overall Formula 1 programme in North America," he said.

"To get it right in New York will greatly increase awareness of Formula 1 and motor racing across the continent. I remain very confident about this event."