Indianapolis ? Formula One’s U.S. Grand Prix won’t return to the Indianapolis Motor Speedway next year after officials failed to reach a new deal.

Speedway CEO Tony George said Thursday he and F1 boss Bernie Ecclestone agreed not to schedule the event for 2008. The only American-based race on the F1 schedule had been held at Indianapolis the past eight years, drawing some of the biggest crowds on the circuit.

“We did agree it was prudent to try and leave the door open for the future,” George said. “My sincere hope is that we will have an opportunity to bring it back in the not-too-distant future.”

George, who had set Thursday as the deadline for reaching an agreement to extend the contract with F1, said he did not believe a U.S. Grand Prix would be held elsewhere next year, but that such a decision would be up to Ecclestone.

George had said last month he was confident he could reach a new deal with Ecclestone after the two met during U.S. Grand Prix weekend in Indianapolis.