Indianapolis Motor speedway boss has confirmed that he has agreed a one-year deal which will see F1 return to the circuit in 2007, as first reported by Pitpass on Tuesday.

"It seemed appropriate to see how things shake out and see what the lay of the land is," George told the Indianapolis Star. "There are too many unanswered questions to commit any longer than that. However, our intention is to be long term."

It's believed that 100,000 race fans attended this year's United States Grand Prix, though as many as 20,000 had been give free tickets by Michelin in respect of the debacle that was the 2005 race, when only six drivers took part.

George has revealed that he received the contract last week, but did not have time to sign it until this week.

Although F1 enjoys a 'cult' following in the United States, local businesses claim that the Grand Prix brings in more business than the other major events held at Indianapolis, the Indianapolis 500 and NASCAR's Allstate 400. One local hotel claims that over a Grand Prix weekend it makes around $600,000 profit compared to $200,000 at other times. That said, this is probably because hotel owners in Indianapolis, like hotel owners in all other cities that the Grand Prix 'circus' visits, raise their prices accordingly.

"It's been a great relationship for seven years," said IMS President Joie Chitwood, "and I expect it to be for another seven years."

Previously, Indianapolis Mayor, Bart Peterson, had offered financial assistance, if it would keep the Grand Prix at Indianapolis, however, George turned down the offer.

Ticket details will be announced next week, with a tentative date set in mid-June.