The Indianapolis Motor Speedway (IMS) and Formula One
officials "have an oral agreement" to bring a U.S. Grand
Prix race to IMS in September 2000, according to Koenig &
Miller of the INDIANAPOLIS STAR-NEWS, who cite a "source
familiar with the negotiations." No contract has been
signed by either side, but the source said that IMS "has
drafted news releases that are being reviewed" by both IMS
President Tony George and Formula One Administration Ltd.
President Bernie Ecclestone, and that a "formal announcement
could come by next week." IMS Exec VP Jeff Belskus "denied
there is an oral agreement." Koenig & Miller write that the
Formula One bid "is a huge gamble for the Speedway, which
will have to invest tens of millions of dollars before the
first F-1 car turns a wheel." However, it is "believed that
George might have put up as much as" $9M in transportation
costs for the F-1 program to race at IMS each year. Ticket
prices for the event "might be three times as much as" those
for the Indy 500 or Brickyard 400, where the top-priced
ticket is $125. IMS "has said it wants a long term deal for
F-1 because of the expense involved," and it is "believed
that George might want something in the seven- to 10-year
range (Koenig & Miller, INDIANAPOLIS STAR-NEWS, 9/24).
