It's been a Toronto tradition for more than two decades, but there's now confusion about whether a move in the U.S.has officially slammed the brakes on the city's Grand Prix race. The annual event, held in July, attracts thousands of fans to the GTA, gives Torontoworldwide publicity and brings millions of tourist dollars to the city.

But while initial reports flatly stated that this year's contest was finished, another voice insists it may just be delayed.

What's causing all this is an agreement between the Indy Racing League and the Champ Car World Series, which has finally inked a deal to unify the two American open-wheel series.

It ends a conflict that's been ongoing for a dozen years, but it also leaves many of the events on the Champ Car circuit in limbo for 2008 - including the race here. Reports from the U.S. say the change means other races in Houston, Monterey, Calif., Cleveland, Mont Tremblant, Quebec, Portland, Ore., Mexico City, Zolder, Belgium, and Jerez, Spain are all cancelled this year.

But Toronto Grand Prix president and CEO Charlie Johnstone begs to differ, telling CityNews.ca that despite the definitive nature of the reports out of the U.S., they're 'pure speculation.'

He admits this year's race is off for now, but for a very different reason - a scheduling problem. He notes there's an event in nearby Watkins Glen, New Yorkthat takes place on the same weekend as ours - July 4th, 5th and 6th. But because it coincides with the American Independence long weekend - the biggest holiday of the summer down south - the Torontoevent may have to be rescheduled.

And that will take some major negotiations.

"We are working with -- over the course of the weekends and early next week -- with officials from the City of Toronto, Exhibition Place and the Indy racing to see if we can't have wiggle room in when we race in Toronto, can we move it a couple weeks earlier or later without affecting any other events that happen down at Exhibition Place and doing our [best] to get on the schedule."

So while he's unable to say when or if a T.O. race will run, he wants it understood that it doesn't mean it won't take place because of what happened in Indianapolis.

"At this point there's been no official confirmation of what event has been cancelled or not for '08," Johnstone emphasizes. And he disputes the contention that the 2009 race is in jeopardy. "If the event in Toronto could not work in 2008, we would certainly have one on the sked for 2009 when you consider that we've got an event with a 23-year racing history."

He expects to hear more details about the deal - and its implications for T.O. - next week.