“The event is not going to happen” next year as planned, F1 boss Bernie Ecclestone said.
It was scheduled on the FIA calendar for June 16, subject to confirmation.
“Everything is set up, but it's now too late to finish on time,” Ecclestone said.
The race is set to run against a spectacular backdrop along the Hudson River through the towns of Weehawken and West New York.
Weehawken Mayor Richard Turner earlier told The Jersey Journal that the race was not going ahead next year.
The newspaper said Turner and another unnamed mayor claim organizers were behind on road repairs and permits.
“The reason is because they didn't quite know what they were doing,” Ecclestone told the Press Association. “They got all the permissions together. Everything was done, that was all fine, but then they missed the boat a little on some financing that was coming in.”
A spokesman for New Jersey race promoter Leo Hindery Jr. declined to comment on the report.
Ecclestone ruled out the Turkish Grand Prix returning as a temporary replacement.
“No, no, no. It will be 19 races,” he said.
From Our Network
- Ayaz Promised He Wouldn't Speed, Says Azhar's Friend Jwala Gutta
- Watch: 'You're not happy India won', captain cool Dhoni fumes at journalist
- IPL 8: Glenn Maxwell has disappointed himself: George Bailey
- Sachin Tendulkar prays for flood victims, says Chennai is fighting back
- Ahmed Shehzad acted like Afridi's servant: Former PCB chief
- Why doesn’t farmers’ suicide trouble you as much as Pratyusha’s, asks Nana Patekar
- 'Find Your Beautiful': Radhika Apte explains real meaning of beauty
- Actor Harshvardhan Rane finds it challenging to romance three heroines in 'Maaya'
- Shah Rukh Khan is really impressed with his 'Raees' co-stars
- Kapil Sharma returns tonight: 5 reasons that make the first episode special