There are probably a lot of long faces in the city of Indianapolis today after the announcement that Formula One racing will not return to Indy or the US in 2008. The race had been held at the Indianapolis Motor Speedway for the past eight years. The city of Indianapolis stands to lose 100 million dollars in revenue without the event taking place.

While F1 has gained popularity in the US it is still greatly overshadowed domestically by NASCAR. One of the sticking points in the negotiations between Bernie Ecclestone, president of Formula One Management and speedway chairman Tony George was the lack of domestic promotion of the event. While the US Grand Prix regularly attracts one of the larger crowds on the calendar, Ecclestone saw room for improvement.

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