Indianapolis to host Formula One race, according to reports
September 24, 1998 - Associated Press

INDIANAPOLIS - The Indianapolis Motor Speedway is about to complete a deal to host a Formula One race as early as September 2000, according to published reports.

The Indianapolis Motor Speedway and Formula One officials have an oral agreement for the track to stage a new U.S. Grand Prix in September 2000, The Indianapolis Star, citing a source familiar with the negotiations, said in a story for Thursday's editions. The      newspaper said a formal announcement could come as early as next week.

Indianapolis television station WTHR reported Wednesday that the deal has been completed but not signed. The Speedway has drafted news releases that are being reviewed by Tony George, the Speedway President, and Bernie Ecclestone, president of Formula One Administration Ltd., The Star quoted sources as saying.

Speedway spokesman Fred Nation, who in recent months has expressed optimism that the deal would come through, denied Wednesday that one was imminent.

"We can't say this is going to happen," he said. "There are no press releases, not even the start to that. I'm telling you we do not have anything that firm," he told The Star.

Jeff Belskus, the Speedway's executive vice president, also denied there is an oral agreement. "Of course, Tony George has been interested in this for quite a while," he told the newspaper.

The deal would call for the Speedway to put up $10 million to host the race and spend $15 million to build a road course in and around the existing track, WTHR reported.

Installing the necessary 24 pit-side garages would require removing a portion of the grandstand behind the existing pit row.

The Formula One racing course itself would be a 2.5mile stretch that would include the first and second turns at the track, most of the front straightaway and a significant portion of the infield, though not at the expense of its golf course.

Formula One, which has an international following, has not raced in the United States since 1991.

George, founder and President of the Indianapolis Racing League, has long sought to establish Formula One racing at his track. Indianapolis' bid for Formula One received a boost this month when its main rival, Las Vegas, dropped out.

A group trying to attract Formula One failed to get political support for a plan to develop a
site near the Las Vegas Strip. Other cities, including San Francisco, Atlanta and Dallas,
also courted Ecclestone. But none appears to have the resources that George is willing to spend.