Business journalist, Christian Silk reveals that the organizers have not paid Ecclestone since signing the agreement in 2011. Ecclestone also added that several groups are considering whether to take over the race from the current management to ensure that it goes ahead.
The race, known as the Grand Prix of America, is planned to run on 3.2 miles of public roads in Port Imperial near New York City.
The maiden race was supposed to be staged in 2013, but was cancelled due to a lack of funding.
“What is amazing with New Jersey is that the people signed a contract,” declared Ecclestone. “You have got to assume they knew what they had signed. They should have never made the commitment. We could sue them. They are in breach.”
The race organizers are Port Imperial Racing Associates (PIRA), led by Leo Hindery Jr.
According to the article, Hindery is understood to have put more than $10 million of his own money into the New Jersey race project. However, another $100 million is needed to complete work on the track and finally receive the green light.
Ecclestone said he did not sue the organizers to keep the prospect of the race alive as other groups are considering taking over the contract from Hindery.
“I've kept it going because somebody might come up and there have been two or three people who are interested and are looking into it. If anyone comes in today, they can have it.”