Ecclestone and IMS working on long-term agreement

INDIANAPOLIS, Saturday, June 16, 2007 - After a series of conversations between Formula One Management CEO Bernie Ecclestone and Indianapolis Motor Speedway CEO Tony George about the future of the United States Grand Prix, IMS President and COO Joie Chitwood said both parties are working toward an agreement for 2008 and beyond.

"Tony has stressed to Bernie in these meetings that we want to continue the event, and we believe he feels the same," Chitwood said. "With eight years experience with the USGP, both Tony and Bernie know what the challenges are. They are exploring ways to get to a long-term agreement, and we expect to make an announcement no later than July 12.

"If we are going to have a USGP in 2008, we know that we need to make the announcement and start working on the event by the second week of July."

Chitwood said he continues to be optimistic about the future of the event.

"With the Indianapolis 500, we annually present the world's largest sporting event and also play host to the largest-attended NASCAR race with the Allstate 400 at the Brickyard," Chitwood said. "We just need to continue to work with the Formula One community and find the right business model to make this event successful for all involved. That is our goal."

-credit: ims