[6][7][8] In late 2013, Formula One President and CEO Bernie Ecclestone stated that the promoters were in breach of contract and that new proposals from other parties would be welcome.

[18] While searching for a venue for the race, Staten Island, Floyd Bennett Field and Meadowlands were all explored, but none were considered viable.

[3][23] The event was originally on a ten-year contract, starting in June 2013 so as not to clash with the November running of the United States Grand Prix in Austin.

[24] Long-time NASCAR promoter Humpy Wheeler was a consultant to the race, which had been expected to provide over US$100 million annually to the economy of the New York/New Jersey area.

[38] Hindery's organization was beset with financial difficulties and it remained unclear how the race would be funded, with New Jersey Governor Chris Christie saying that there had been no discussion of the state subsidizing it, as is common for other such events.

In May 2013, speculation in the media suggested that Bernie Ecclestone was attempting to return Formula One to the Long Beach circuit as an alternative to the race in New Jersey,[39] though Ecclestone expressed hope the stalled talks with Hindery could be renewed,[40] adding that the sport's administrators had invested in the race to pay off the organisers' debts and expedite the construction process.

[41] In June 2013, it was announced that race organizer Leo Hindery had signed a new, 15-year contract with F1 chief Bernie Ecclestone after all permits had been secured.

[42] Work on the permanent 24-car paddock area was near completion, while paving on the road course could begin "as early as next week,"[43] well ahead of the earlier planned September 2013 start date.

On August 23, 2013, Ecclestone announced that the 2014 Grand Prix of America was canceled because the promoters could not raise the $100 million required for the event planning.

According to a March 2014 report in Forbes, Formula E chief executive Alejandro Agag revealed that he had been working with promoters to bring the series to the New York area, but that he was waiting to see how the financial situation surrounding the Grand Prix was resolved before he could commit to bringing the Formula E series to the city.