Aug 23, 2013, 3:51pm ET

F1 cans planned 2014 race in New Jersey

Formula One will not be coming to the New York City area.

The Formula One racing series won't make an appearance in New Jersey with the Manhattan skyline as its dramatic backdrop after all, F1 CEO Bernie Eccelstone has revealed.

The outspoken and often controversial F1 chief indicated that fundraising for the planned Grand Prix of America in the Port Imperial area of West New York and Weehawken, New Jersey, that had been under development for 2014 hasn't gone as well as organizers hoped.

Eccelstone told CNN that "it's not in the cards for next year" because organizers "haven't got any money."

Grand Prix of America spokesman Alex Howe told the news channel a different story.

"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 Championship Schedule," Howe said.

But Howe's words ring a little hollow given that the inaugural race was already postponed an entire year.

For now, it appears that the only F1 race in the United States will remain the United States Grand Prix at the Circuit of the Americas in Austin, Texas.