WEEHAWKEN - Formula 1 executives have reportedly canceled a race set to take place in Hudson County because they say local organizers have missed deadlines, a Guardian newspaper report said.

A year after New Jersey officials struck a 10-year agreement to hold the race beginning in 2013, Formula 1 CEO Bernie Ecclestone is quoted in the Guardian report as saying they have "not complied with the terms and conditions of the contract."

Host cities West New York and Weehawken have already received funding for agreeing to host the event. The race was expected to bring millions of dollars in revenue to the cities.

Mayors of both host towns say they're unaware of the claims. They say as far they're concerned, the race is still on.

If the race goes on as planned, the three day event is expected to bring as much as $100 million in revenue to the state.

Guardian report