The inaugural race around the streets of Weehawken was due to take place this weekend but was postponed in October 2012 and the contract cancelled by Bernie Ecclestone.
But race promoter Leo Hindery insists that the event will take place in 12 months’ time.
“Thanks to the patient, invaluable support of Bernie Ecclestone and FOM [Formula One Management] we now have the long-term sanctioning agreement needed to go racing for years to come, starting in June 2014,” Hindery said.
Hindery is also hopeful that the three events in North America will boost the profile of Formula 1 in that area.
“A good race in Montreal helps to develop a good race in Port Imperial, which helps to develop a good race later in the year in Austin,” he said.
“We also expect to introduce a lot of young Americans to a sport that they have never seen first-hand,” he added.
The American Grand Prix is expected to be part of a 21 race calendar in 2014, with the Russian Grand Prix in Sochi also being added to the schedule.