IMS confirms one-year US GP deal

The 2007 race is scheduled for June 17, although the date is subject to final approval by the FIA.

"It was important for us to reach an agreement quickly so we can begin notifying fans that Formula One will again be racing at the Indianapolis Motor Speedway in 2007," said Joie Chitwood, IMS president.

"Though this contract is for only one year, it is still our goal to make the Speedway the longtime home of the United States Grand Prix.

"Our immediate focus, however, is making sure IMS sets the stage for creating a world-class sporting event. The first step in doing that is beginning the process to sell tickets.

"We will announce that process soon, making sure that our ticket account holders get the opportunity to renew their seats first."

It will be the eighth consecutive year the IMS holds a Grand Prix following Formula One's return to America in 2000.