The on again, off again Formula 1 Grand Prix of America race is now cancelled according to F1 boss Bernie Ecclestone.
According to Ecclestone, race organizers haven’t raised enough to hold the event. In order to be finalized on the 2014 race calendar by the FIA in December, new races need to have adequate financing by now. Recently, it was revealed that the Grand Prix of America organizers had appointed investment bank UBS to raise $100 million, which is the amount required to give the race a green light.
But according to Ecclestone, time has run out and “they haven’t got any money.” Planned to take place on 3.2 miles of public roads in Port Imperial, the 2014 Grand Prix of America has already been postponed once when it was initially scheduled for June of this year.
“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,” said Grand Prix of America spokesman Alex Howe.