Finally after a long silence RedBull came out with a press release about the future of the RedBull AirRaces, Here is what it states:

There has been a long period of not releasing any information, which is in compliance to our policy to only issue tangible information. However, we’d like to inform fans, sport enthusiasts and media now that the Red Bull Air Race World Championship is looking into a potential return in 2014.
A core team is currently working intensively on securing host city contracts that will guarantee a fixed race calendar. Information on a potential race season in 2014, a revamped concept and further details on the changes concerning our aerosport will be released in the future.
Time is flying and it may still seem a long way to go until we all hear “Smoke On” from the loudspeakers again. In reality, a very long period of time is needed to turn this project into a stable and economically viable sport.
We’d kindly ask all the Red Bull Air Race fans to understand that until key developments have been made in the project, we are not in a position to comment on or answer any queries.
We thank you very much for your understanding.

Red Bull Air Race GmbH