George: F1 must wake up to US needs

George announced on Thursday that the F1 event at Indianapolis would not take place in 2008, after he and F1 supreme Bernie Ecclestone failed to reach an agreement about a way forward for the race.

"Bernie and I have had several discussions that have led us to the decision, but we did agree that it would be prudent to leave the door open for the future," he said.

"The near-term communication is that Formula One will not be back next year, but my sincere hope is that we'll have an opportunity to bring it back in the not-to-distance future."

Although financial considerations played a big part in the decision to not host the race, George admitted that promotional issues were also important - and suggested that the sport had not woken up to the fact that the US market needed a different approach compared to other venues.

"In the United States, Formula One is not perceived quite the way it is around the world," he said in a briefing at the Indianapolis circuit. "It's a tough dynamic, but the future will depend upon recognizing the fact that the United States is a bit different. It's important to figure out how to make it work."

George has not ruled out F1 returning to Indianapolis after 2008, but admitted that things needed to change from Grand Prix racing's side for the event to happen.

"Money is a factor. It's not the only factor. It has some bearing on the decision, but there are a number of things that I believe need to happen for it to be viable as a business opportunity," he said.

"One, the promoters, in this case Indianapolis Motor Speedway and Formula One, have to provide the leadership in a working relationship that includes a national broadcast partner and a title sponsor that will actively embrace and support the event, along with a number of other things. Those are the important things that really have been lacking.

"That's not to say that our relationship with Formula One hasn't been good, because it has. They've been good to work with. Bernie personally has been good to work with.

"In fact, I'm sure it would be a surprise to many based on the reputation that many consider him to have, but he is a good guy to work with. He's always been straightforward and honest with me. I respect him and his decision to do what he has to do for Formula One as a whole."

George admitted that there was a certain level of personal disappointment at failing to see the Indianapolis event kept on the calendar.

"Obviously I'm personally disappointed. Eight years ago, it was our intent to host this on an annual basis, and while I still hold out hope that we'll be able to bring it back, it's tough to have a hiatus like this. I view it as such.

"I'm going to continue to work on this to try to bring it back to the best of my ability as soon as possible."