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Ecclestone writes off 2014 GP of America

Formula One supremo Bernie Ecclestone has revealed that the inaugural Grand Prix of America in New Jersey “is not on the cards” for next year, due to the lack of funding raised by its organisers.

The race had already been pushed back a season for financial reasons, and reportedly needs a further $100 million to host the event. Ecclestone signed a new 15-year contract with New Jersey earlier this year, hoping that the grand prix would take place in June 2014.

Ecclestone said, according to CNN: "It's not on the cards for next year. They haven't got any money."

However, Grand Prix of America spokesman Alex Howe refuted the comment: "We don't comment on financial matters, but we are on track for 2014 and will have a statement following the announcement of the official 2014 FIA Formula One World Championship schedule.”