Indy sets July deadline for new deal

Formula One supremo Bernie Ecclestone and IMS CEO Tony George have met this weekend to work toward a new deal for 2008 and beyond, with the American circuit's bosses having admitted they are looking for a long-term deal.

Chitwood is convinced a new deal will be announced as early as next month.

"Tony has stressed to Bernie in these meetings that we want to continue the event, and we believe he feels the same," Chitwood said. "With eight years experience with the US GP, both Tony and Bernie know what the challenges are.

"They are exploring ways to get to a long-term agreement, and we expect to make an announcement no later than July 12.

"If we are going to have a US GP in 2008, we know that we need to make the announcement and start working on the event by the second week of July."

Chitwood added: "With the Indianapolis 500, we annually present the world's largest sporting event and also play host to the largest-attended NASCAR race with the Allstate 400 at the Brickyard," Chitwood said.

"We just need to continue to work with the Formula One community and find the right business model to make this event successful for all involved. That is our goal."