Finances Cited as Challenge for New Jersey F1 Race

The promoter of a planned Formula One race in New Jersey says he's working to restructure the financing so the event can be held in 2015.

Leo Hindery Jr. said Wednesday he wants the race to take place as soon as possible. But he calls it a "huge undertaking" to build the road course without tapping public money while also meeting the sport's timing demands.

F1 chief executive Bernie Ecclestone said last month during the U.S. Grand Prix in Texas that the New Jersey race would not take place in 2014, though it had been on the provisional calendar for the year.

Plans call for the race to run on a 3.2-mile temporary street circuit along the Hudson River in the towns of Weehawken and West New York, with the New York City skyline as a backdrop.

(Copyright 2013 by The Associated Press.  All Rights Reserved.)