The inaugural Grand Prix of America will be postponed to 2014 due to a financing problem, organisers have confirmed.
The race was pencilled in for 16 June next year but there have been
Grand Prix of America promoter Leo Hindery Jnr confirmed F1 boss Bernie Ecclestone's claim the race was off.
"We're going to be racing at Port Imperial, unfortunately just not as soon as we hoped," said Hindery Jnr.
Earlier, Ecclestone said he "did not think" there would be a replacement for the Grand Prix of America next season.
"They've had a wake-up call but it came too late," said Ecclestone.
Hindery Jnr said he remains "100 per cent committed" to the project despite confirming a postponement of the race.
"We promised [New Jersey] Governor [Chris] Christie, the towns [of Weehawken and West New York], the sport and its international fans the best possible experience," added Hindery Jnr.
"Unfortunately, we need additional time to ensure that happens.
"But we remain 100 per cent committed to the Grand Prix of America at Port Imperial, and the race could have no better partner and friend than the CEO of Formula 1, Bernie Ecclestone.
"We benefit greatly from his experience and counsel, and from his support."
Last month Ecclestone said the organisers had not complied with the terms and conditions of the contract.
On Thursday, New Jersey local media reported that Grand Prix of America officials were due to make an official announcement on Friday.
But Ecclestone confirmed the news himself before that could take place. He said: "They got all the permissions together. Everything was done, that was all fine, but then they missed the boat a little on some financing that was coming in.
"Everything is set up, but it's now too late to finish on time."
The waterfront race, with the New York skyline as a backdrop, had been pencilled in on the 2013 calendar with an asterisk against it.
It was set to be one of two US races on the next season's list, joining the United States Grand Prix, which returns this November at a new track in Austin, Texas.