Formula One supremo Bernie Ecclestone is not ruling out a return of the San Marino Grand Prix in the future once the renovation works are completed.
Imola, which has been hosting Formula One Grands Prix since 1980, has lost its spot on the 2007 calendar.
The track, Ferrari's home venue, had hoped to win a reprieve after teams agreed unanimously last month to an 18th race and the Italian government confirmed that work would start on modernising the circuit.
Ecclestone wrote to the San Marino Grand Prix organisers last month telling them the race had been lost.
The Briton reckons, however, there is still a chance Imola could return in the future.
"Out of habit I don't use the word 'never' in life, so I don't rule out anything in the future. For 2007 the question is closed, if and when the works are finished, we'll see," Ecclestone told Autosprint magazine.
"There's always more and more interest in F1, new emerging economies want it, and with the renewal of the Concorde Agreement, from 2007 teams will receive a lot more financial resources.
"Many want to host a GP, so to be able to satisfy organizational costs is the minimum in my opinion. Imola has always lived a situation of absolute privilege, it couldn't last forever."
Ecclestone said the financial conditions were not good enough to secure the race's 2007 slot.
"Things are simple: the contract expired this year as the conditions to renew it weren't there anymore," Ecclestone added.
"Imola has always lived a situation of great privilege compared to any other organizer; in the last years they managed to pay half a token compared to the other organizers, lamenting every time there was no money to finance the race.
"That race was born and stayed on the calendar most of all as a homage to Enzo Ferrari: in the last years of his life he could not move very much, so Imola was the only chance he had to see up close his cars competing against the others.
"As long as around a table there was myself, Enzo Ferrari and Luciano Conti (president of Sagis back then), things have always worked fine, nobody was unhappy. The problems started after that, because many promises were almost never followed by concrete facts.
"In the last years I often felt like I was the only one who wanted to carry on racing at Imola: the structures were crumbling, there were always arguments on the financial aspects, the circuit had to be modified.
"Many, among team managers and journalists, asked me why we carried on racing there. As long as it was possible I tried to aid the GP, but the situation was indefensible by now."
The Formula One boss also said that the renovation works would not have been enough to secure a place on the calendar next year.
"I don't think all the works would be finished by March," he said. "To reform a circuit it's not enough to say it, you also need to do it. Just look at what kind of phenomenal structures were build by the new countries hosting a GP in the last years.
"Even Monza, with all the limitations due to its location, has managed to renovate itself, even though every time a new problem appears: a judge complaining about the noise, tobacco advertisement, but things got done.
"At Imola, by contrast, there were only problems. A shame, because I think the circuit could be very financially rewarding but the entire system had to be changed. Maybe now they'll be calmer by organizing amateur races, maybe that's their evolution."