Next year's CART championship race at Rockingham has been removed from the calendar, because the organisers say it won't make enough money.

The event was due to take place on May 3/4, but CART and Rockingham have jointly agreed to cancel the event.

Rockingham chief executive Ashley Pover said the circuit had decided that a 2003 event would not be financially viable.

He said: "We have less than five months to develop new marketing programmes and find sponsors. Frankly, we don't have the resources to make that work.

"If we were to plan towards a future date, such as mid-season 2004, that would give more time to achieve the targets, which makes a lot more sense."

He said Rockingham would now focus on its national motor racing activities such as ASCAR, British Superbike, Formula 3 and GT racing championships.

Those people who have booked tickets for the 2003 CART event will have their money refunded and will receive priority booking status, if a 2004 event goes ahead.