Formula One chief, Bernie Ecclestone says the proposed Grand Prix of America, which was scheduled to open this year, may not actually happen until 2013.

The initial plans of opening of Grand Prix of America was proposed in October of 2011, but since then, there have been hundreds of discussions yet not a final word in bringing anything into reality. According to sources, the holdup is due to financial terms, which have upset t Ecclestone and pushed the project to next year. There's also contractual difficulties which may require a re-look by the Formula One official, reports say. 

"I don't know if it is going to happen. I hope everything will be okay," Ecclestone told ESPN. "They are sorting things out internally with some of their funds. If they are ready for 2013 we will have them. We are waiting for different parts of the contract to be agreed."

Sources close to Bernie say that it's been one of the best dream projects for Formula One chief to hold Formula One race New York City. But lately, the man himself is losing hope as the organizers are little late with making initial payments to Formula One.

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