Ecclestone to replace Leo Hindery group in NJ (Update)

UPDATE The on-again, off-again F1 race in New Jersey may be on again for 2015 if new investors, reportedly the deep pockets behind the Madison Square Garden, can figure out what to do with Leo Hindrey Jr., the current head of the project according to AutoWeek.

12/27/13 According to reports in the US, Formula One supremo Bernie Ecclestone is seeking a new partner after becoming disillusioned by the current organizers of the New Jersey Grand Prix, Leo Hindery and Port Imperial Racing Associates (PIRA).

According to Christian Sylt of Formula Money, Ecclestone is looking for a new partner to organize the on-off New Jersey race because PIRA is in breach of contract of their 2011 agreement, citing non-payment as the main reason.

After originally being scheduled to take place in 2013, the New Jersey Grand Prix has been removed from the 2014 calendar, although it is becoming more and more doubtful if the race will go ahead at all.

"I've kept it going because somebody might come up and there has been two or three people who are interested and are looking into it," Ecclestone is quoted as saying by Formula Money.

"If anyone comes in today, they can have it.

"All it needs is somebody serious to come up and say we will get behind this and make it happen. I have given Hindery too much leeway. I wanted to believe that he would do it."