Tony George has vowed to do all he can to bring the United States GP back to the Indianapolis Motor Speedway.
IMS chief executive George's eight-year relationship with Formula One is at an end after he and supremo Bernie Ecclestone failed to reach an agreement on a new deal for 2008 onwards.
It means there will be no USGP on the calendar for next year, even though Ecclestone is in talks with Las Vegas officials with regard to staging the race in the gaming capital of the world.
However, those discussions are not advanced enough for the sport to return to Las Vegas, as the city held races in 1981 and 1982.
Yet while George concedes to being "personally disappointed" there will be no grand prix at his circuit next year, he adds the door is "open for the future."
"The near-term communication is that Formula One will not be back next year, but my sincere hope is that we'll have an opportunity to bring it back in the not too distant future," said George.
"Obviously I'm personally disappointed. Eight years ago, it was our intent to host this on an annual basis.
"While I still hold out hope that we'll be able to bring it back, it's tough to have a hiatus like this. I view it as such.
"But I'm going to continue to work on this to try to bring it back to the best of my ability as soon as possible."
Asked as to the chances of a return, George replied: "Probably better than the 50-50 I thought it would be back in 2008.
"How much more? I don't know, maybe 60/40."
George concedes the problem is not a financial one, but more to do with the general lack of interest in Formula One in the States.
Primarily, its downfall comes down to fact the race is not shown by a major broadcaster and there has been no title sponsor.
"In the United States, Formula One is not perceived quite the way it is around the world," added George.
"It's a tough dynamic, but the future will depend upon recognising the fact that the United States is a bit different. It's important to figure out how to make it work.
"Money is a factor, but it's not the only factor.
"It has some bearing on the decision, but there are a number of things I believe need to happen for it to be viable as a business opportunity.
"The promoters, in this case IMS and Formula One, have to provide leadership in a working relationship.
"That includes a national broadcast partner and title sponsor that will actively embrace and support the event, along with a number of other things.
"Those are the important things that really have been lacking."
George refused to point an accusing finger at Ecclestone, who has been keen to pursue the Middle and Far East markets of late.
"Bernie personally has been good to work with," insisted George.
"He's always been straightforward and honest with me. I respect him and his decision to do what he has to do for Formula One as a whole."