CART chief executive officer Joe Heitsler was locked in delicate negotiations with Honda Indy 300 officials at the weekend and is "buoyantly optimistic" about the event's future.
"We need to work on how CART can work with its partner to make this a better event [financially] - although it's an oxymoron to say that because this is one of the best events in the world," Heitsler said.
"But we need to sit down and work out ways we can improve our position and I'm very confident we will do that."
The Honda Indy 300 is already contracted for 2002 and 2003, but Heitsler and his team are anxious to conclude a new five-year deal, which would take the event to 2008.
Heitsler said part of a new TV package would include advertising for Queensland, and the Gold Coast in particular, on CART-associated TV coverage in the US.
CART and Honda Indy 300 are also working on new "joint sponsorship" agreements, while CART is anxious to reduce the cost of air-freighting its 15 teams and 28 cars Down Under.
Heitsler still hopes to convince manufacturer Honda to reconsider it's decision to quit as an engine-maker for the series at the end of next year, but he is confident CART will survive if the manufacturer walks away.
Indy 300 brings more than $50 million ($25.24m/B28.13m) to the Gold Coast economy.
