Mayor Michael Bloomberg has admitted that a financing dispute between the Port Authority and a foundation headed by the mayor that runs the National September 11th Memorial and Museum will prevent the museum from opening on time next year.

The museum was originally scheduled to open on the 11th anniversary of the September 11th terrorist attacks.

The Port Authority, which is in charge of construction, claims the museum foundation owes it $300 million.

The foundation says it is owed millions because of construction delays.

"The Port Authority claims that the memorial foundation, which I am chairman of, owes them $165 million. We say absolutely not," Bloomberg said on WOR 710 AM today. "It's well documented they have to pick up the expenses for the infrastructure. In fact, we claim they owe us $140 million."

Officials announced on Thursday that the National September 11th memorial has drawn more than a million visitors since it opened on September 12.

In response, Port Authority officials said in a statement that they are actively negotiating with the city to resolve the issue.