| After eight years and millions of dollars, the Indianapolis Motor Speedway is giving up on Formula 1. Following negotiations, which had a July 12 deadline, Tony George and Bernie Ecclestone have agreed to part company. "After several discussions, Bernie Ecclestone and I were unable to agree on how to keep Formula One in Indianapolis for the near term," George stated. "However, we have agreed to leave the door open for a potential future date. "It has been a pleasure having the United States Grand Prix at Indianapolis, and I hope that as we approach our Centennial Era at the Indianapolis Motor Speedway, an opportunity might present itself that would allow its return." George, CEO of the Speedway, brought the United States Grand Prix to IMS in 2000 and spent an estimated $60 million to accomodate road racing at the hallowed oval track. But, other than the first two years which drew 200,000, attendance has gradually dropped off and no more than an estimated 75,000 turned out this past June. With no title sponsor and no television revenue from Ecclestone's rich internationalcontract, it's believed IMS lost several million dollars each year. Last month, IMS officials announced thay the track will be hosting a MotoGP motorcycle race in '08, which may help to offset the financial hit the city will have with the loss of the international crowd that followed the event. "There's no question that a $100 million withdrawal, basically, is going to leave a pinch in the economy of our hospitality community. But (the loss of the race is) an impact that's going to be short-lived, we hope, in finding other events that can bring that same economic boom to the city," said Bob Schultz of the Indianapolis Convention and Visitors Association. "We used every available resource we had at our disposal to promote this event. Our hands were tied -- the Speedway's hands were tied -- in many ways to allow this event to have the type of exposure value that we see with other signature events." | 
