Indy hopeful of new deal to host US GP

The contract between Formula One Management and the famous speedway ends after this weekend's Grand Prix, the sixth F1 race held at the Brickyard. And after last year's Grand Prix saw only six cars take the start, doubts have been raised that IMS would be interested in extending its contract with the sport.

"Our feeling, when Tony George made the investment, was that this is for the long-term, if F1 is to be successful in America," Chitwood said on Thursday.

"So we want to see the race continue here, and we will sit down for talks and see how it goes. We are optimistic."

Chitwood dismissed recent comments made by F1 supremo Bernie Ecclestone, who said Formula One does not need to race in the US. The IMS president said these comments, as well as suggestions that the US Grand Prix could move to Las Vegas, were simply negotiation tactics on Ecclestone's part.

"The first thing is that there is no value for the Speedway to negotiate in the press," Chitwood said when asked about Ecclestone's comments. "It was positioning [for a new contract], that's all it was, and Vegas was the same thing.

"If you want to have an international series, America should be part of it. America is a huge economy when compared to the rest of the globe.

"You look at the products we consume - especially BMW, Mercedes, and Ferrari - and so obviously it's important to the car manufacturers that there is a race here. For the first ten months of 2005, over 1,200 Ferraris were sold in the US alone.

"It just shows you the value of this economy, but also to the main sponsors in F1 racing, it makes sense that there is that connection.

"It goes back to the whole negotiating process for the event, but we think enough of F1 racing that we made a huge investment. We think F1 racing is a unique sport and needs to be in America and needs to be Indianapolis.

"We are not sure that [a new deal] is something that will be resolved this week, but we are willing to have that talk. I assume that we will have some initial conversations with Mr Ecclestone before the end of the week. I hope we can have some positive conversations."

Chitwood further emphasized that no other place in the United States was more suitable for a Formula One race than the Indianapolis Motor Speedway, and revealed that the race has had a major impact on the local economy in the city of Indianapolis.

According to IMS figures, the three motorsport events hosted at the circuit - the Indianapolis 500 (IRL), the Brickyard 400 (NASCAR), and the US GP (F1) - generate a total revenue of $727 million USD for the speedway and the city.

"Indy 500 obviously generates the most because it is a month-long event, but most restaurants and hotels say F1 is a bigger [money spinner] than NASCAR because a lot of the fans enjoy things like fine dining and such, and then they spend more money."

He revealed the Formula One event is worth $170 million USD alone, adding: "It has an enormous impact on the region. That spike in spending is huge. The true economic impact is the ability to attract people from outside the region. We have so many visitors.

"Our mission is to be the leader in international motorsport entertainment. That's Tony's vision too. We are the only one to host these three events of motor racing.

"When people think Indianapolis, they think motor racing. I think we are the only sports property that has elevated the name of its community internationally."