Oct.19 (GMM) Bernie Ecclestone on Friday confirmed reports the inaugural New York Grand Prix will not take place in 2013.
The reports said problems with the organisation of the event, scheduled to take place amid the Manhattan skyline mid next year, meant a delay until 2014 was now inevitable.
F1's chief executive confirmed the news to several media outlets on Friday.
"The event is not going to happen" next year, 81-year-old Ecclestone is quoted by AAP.
"Everything is set up, but it's now too late to finish on time."
The Briton told the Press Association: "The reason is because they didn't quite know what they were doing.
He told Reuters: "They've run out of time.
"They've had a wake-up call but the wake-up call came too late."
Ecclestone told Eurosport the New Jersey organisers therefore do not currently have a contract.
"If they came up with the contract with us and we were satisfied the question is, could they carry out the work in six months? Winter in New York is not good," said the Briton.
"There's not a lot going on," he added. "They are still running around trying to get their finances sorted out."
Bloomberg quoted Ecclestone as saying the organisers "misjudged" the task of organising a Formula One race.
"They didn't really realise how difficult it is to arrange these things, commercially and with everything else," he said from London.
Ecclestone also denied suggestions Turkey could replace New York on the 20-race 2013 calendar.
"No, no, no. It will be 19 races," he said.