With the current contract for the United States Grand Prix at Indianapolis expiring after this weekend's race, effectively leaving America without a round of the World Championship in 2008, organizers at the Indianapolis Motor Speedway have revealed that as talks regarding the future of the race begin they are setting a mid-July deadline.

Following a series of meetings between F1 supremo Bernie Ecclestone and IMS CEO Tony George, IMS President Joie Chitwood admitted that both parties are working hard in order that F1 can continue at the legendary track in 2008 and beyond.

"Tony has stressed to Bernie in these meetings that we want to continue the event, and we believe he feels the same," said Chitwood. "With eight years experience with the US GP, both Tony and Bernie know what the challenges are. They are exploring ways to get to a long-term agreement, and we expect to make an announcement no later than July 12.

The July date is crucial claims Chitwood because that is when work on the 2008 would get underway.

"If we are going to have a US GP in 2008, we know that we need to make the announcement and start working on the event by the second week of July," he admitted.

While (publicly) Ecclestone is saying that Formula One doesn't need America, Chitwood admitted that he is hopeful for the future of the event at the legendary track.

"With the Indianapolis 500, we annually present the world's largest sporting event and also play host to the largest-attended NASCAR race with the Allstate 400," he said. "We just need to continue to work with the F1 community and find the right business model to make this event successful for all involved. That is our goal."