The president of the Grand Prix of𓄧 America has announced that he is to leave his position at the end of the month.

Tom Cotter took up the role earlier this year and played a key role in spearheading the plans for thౠe race on the streets of New Jersey.

Cotter, a former president of the Charlotte Motor Speedway who now owns his own motorspor♏t marketing firm, will switch his focus back to his own business, with ✱executives Dennis Robinson and Richard Goldschmidt taking on his duties.

"I🧸 have full faith in the Grand Prix of America team and look forward to sitting in the grandstands at a world-class race in 2013," Cotter💞 said in the statement announcing his departure.

Race chairmaꦫn Leo Hindery Jr than🐷ked Cotter for the work he carried out during his time in the role.

"We're all thankful for Tom's leadership in bringing Formula One to Port Imperial," he said. "During his stewardship we've made great progress and are less than a year away from the sport's top racers sp༺eeding around a street course with New York City in the background.

"We wish our friend Tom the💦 best as he retu꧅rns home to North Carolina."

The first rac♋e in New Jersey is slated to take place in 2013.