Formula One Ditches Indianapolis
Country's only F1 venue loses Grand Prix in contract dispute
By Ben Worthen,  Newser User
Posted Jul 13, 2007 3:06 PM CDT
McLaren Mercedes F1 driver Lewis Hamilton, foreground, steers his car ahead of Ferrari driver Kimi Raikkonen of Finland during the French Formula One Grand Prix, in Magny-Cours, central France, in this...   (Associated Press)
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(Newser) – Formula One racing will not return to the Indianapolis Motor Speedway next year. The final negotiation deadline for sanctioning fees came and went yesterday without an agreement, the Indianapolis Star reports, and both sides announced that they were nowhere near a final contract. The decision leaves the United States without a single F1 race.

The chairmen of both organizations expressed hope that F1 would return in the next several years. The US is not a major market, but attendance at the Indy event is among the highest at any F1 race in the world. The loss is also a blow to the city, which reaps some $100 million from fans attending the event.