F1 will have to wait for its return to iconic Long Beach.

Long_Beach-Racing_CircuitIt emerged recently that formula one was interested in racing on the Californian streets, if the city opened up the bidding process at the end of Indycar’s current 2015 contract. But the Long Beach Press-Telegraph now reports that Indycar’s contract will be extended through 2018, with confirmation due within weeks.

However, it also emerges that the bidding process will be opened up to include the possibility of a F1 race in the future. “This is precisely what we wanted,” Indycar’s Long Beach race chief Jim Michaelian said. “They (the city) have every right to explore other options, but by the same token we have the certainty of conducting the event through 2018. That’s important because we have lots of sponsorship agreements,” he added.

Chris Pook, F1’s Long Beach founder, welcomed the news. “I’m not knocking the Indycar race,” he said, “but formula one will bring the economic value the city enjoys”.