The inaugural Grand Prix of America will be postponed to 2014 due to a financing problem, according to F1 boss Bernie Ecclestone.
The race was pencilled in for 16 June next year but there have been doubts whether it would take place.
“They've run out of time. They didn't quite think it all through”Bernie Ecclestone
Ecclestone said that he "did not think" there would be a replacement for the Grand Prix of America next season.
He said: "They've run out of time. They've had a wake-up call but it came too late."
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 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.
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