President of NJ Formula One Race Group Steps Down

The head of the organization that is bringing New Jersey its first Formula One auto race has stepped down, 10 months before the race is expected to be held.

Tom Cotter announced his decision in a written statement. There was no immediate announcement on who will replace him.

Cotter was named president of Formula One Grand Prix of America at Port Imperial in January. The North Carolina resident has 30 years' experience in motorsports and sports marketing.

The New Jersey race was officially announced last fall. It's scheduled to be held next June on a winding course along the Hudson River in Weehawken and West New York.

Promoters have denied reports that Formula One officials have said the race is in jeopardy.

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