Indianapolis Motor Speedway's President and Chief Operating Officer Joie Chitwood is upbeat about the future of Formula One, writes Zorba Rose. Telling the crowd at Marian College that the success of the series in the US lies in its ability to sell tickets and compete in an already crowded sports and entertainment market.

"We're going to do our best. We're going to try hard to make it a success and make it come back year after year," Chitwood said. "If we wanted to cut and run it would have happened already based on the occurrence a couple of years ago. But we think it can succeed, and that's what we're committed to do."

Chitwood praised Michelin for their handling of the 2005 USGP fiasco saying the tyre company made the right choice in offering refunds to attendees of the 2005 race, and buying complementary tickets for season ticket holders in 2006.

When asked about long-term contract talks between the Speedway and Formula One Chitwood responded, "Michelin did so much to promote the 2006 event that we will see the effect of 2005 in 2007. So, we really don't understand what that (2005 USGP) will mean to the long-term success of the event."

Chitwood also spoke about the health of Formula 1: "It looks like they've resolved some turmoil with the GPWC, FIA and engine rules. Think back to six months ago when there were still a lot of unanswered questions about the rules and who's participating. Recently, it looks like everyone has finally settled and they're all on the same team. The sport has some stability with the new owner and CVC is moving the sport towards the future.

"We've made a huge investment. If F1 is going to be successful in America, Indy is the right place," said Chitwood. "And yes, we've heard about Vegas and other places, but I don't think any place offers what we have - the history, the heritage and the ability to stage a world class race. Think about where they used to run and some of the temporary street courses - there is no comparison."