F-1 racing will return to Speedway in 2007
Grand prix auto racing will return to Indianapolis in 2007 thanks to a deal signed Wednesday by Indianapolis Motor Speedway's top official.
Tony George, the track's chief executive officer, confirmed the signing of a one-year extension of the U.S. Grand Prix. A mid-June date is tentative until the sport's sanctioning body approves Formula One's schedule this fall.
The Grand Prix has delivered close to $1 billion in economic impact to Indianapolis since its first race in 2000, according to the Indianapolis Convention & Visitors Association.
A plan to purchase tickets will be announced within a week, a Speedway spokesman said.
No other details, including how much the Speedway will pay F-1, were revealed Wednesday.
George said he signed a one-year extension to the contract that expired after race on July 2, but his commitment to F-1 remains long term.
A one-year deal was signed because the sport's organizational structure, known as the Concorde Agreement, is good only through next year.
"It seemed appropriate to see how things shake out and see what the lay of the land is," George said of F-1's instability. "There are too many unanswered questions to commit any longer than that.
"But our intention is to be long term (with F-1)."
F-1 boss Bernie Ecclestone could not be reached for comment Wednesday night. A representative said he might not be available until next week's Turkish Grand Prix.
The future of the USGP has been in question since last year's race when 14 of the 20 drivers pulled their cars off the track before to the start amid concerns over Michelin's tires. Only six cars, all with Bridgestone tires, completed the race -- to a chorus of boos from the crowd.
Michelin helped the event rebound this year by purchasing 20,000 tickets for the Speedway to distribute to individuals who renewed their orders. Each order received two free tickets.
A crowd in excess of 100,000 attended this year's race. Because the turnout was similar to crowds of recent USGPs, track officials were convinced there was no long-terms negative effects from the Michelin debacle.
Michelin will not participate in F-1 next season.
Of the three races at IMS, including the Indy Racing League's Indianapolis 500 and NASCAR's Allstate 400 at the Brickyard, the Grand Prix does the most to bolster the coffers of local businesses because a larger percentage of the fans are from out of town and most of the sponsors and teams are backed by significant expense accounts.
The Westin, a Downtown hotel, counts on $600,000 in profit, sharply higher than a normal weekend tally of $230,000. Many Downtown businesses report similar financial benefits.
Economic impact studies have put the value of an F-1 race at more than $100 million, making it too valuable of an event to let slip away.
"If that's true, that's a huge impact," Indianapolis Mayor Bart Peterson said during last month's race. "That's 'new' money, which is very important to the city."
Peterson supported a return of the event, saying he'd welcome discussions with George on how to make that happen. George declined Peterson's offer.
IMS President Joie Chitwood said the benefits to the city were considered in the decision-making process.
"It's been a great relationship for seven years, and I expect it to be for another seven years," he said.
George said he received the contract offer from Ecclestone last week, but he did not have time to review it and sign it until Wednesday.
Indianapolis is the only U.S. city to host an F-1 race in recent years.
Call Star reporter Curt Cavin at (317) 444-6409.