The race, which has become a key part of the annual Rose Festival calendar, seems set to continue following talks between Portland commissioner Jim Francesconi, CART CEO Chris Pook and the Portland Parks Department.
Under the terms of the new deal, CART Champ Car will be given a new three-year contract to race at the 1.969-mile road course.
"CART Champ Car has been the signature open-wheel racing event in our city for 20 years and we look forward to maintaining that relationship," said Francesconi.
"We are pleased that CART has agreed to include specific performance measurements in the final contract that will guarantee that the citizens of Portland and the Northwest will continue to enjoy world-class racing at Portland International Raceway."
The deal allows CART Champ Car to participate in the further development of the race circuit, and gives the series a firm foothold in the Pacific Northwest with the Portland and Vancouver events making CART Champ Car the premier open-wheel racing series to compete in the coveted region.
"This is a big part of our long-term strategy for the series and I need to thank the members of the Portland/CART Business Coalition for their support in making this happen," Pook said.
"Getting the business community involved in the event is a key part of continuing the event's legacy established by the Rose Festival. Their help will make this event one of the key annual attractions in the region."
