The IndyCar Series is not returning to Watkins Glen International next season.

Watkins Glen International president Michael Printup says it was "a joint business decision" between track officials and the IndyCar Series. It also dropped Homestead from the 2011 schedule, which will be released Friday.

Printup says Watkins Glen will keep the door open for discussions with the IndyCar Series beyond 2011.

Watkins Glen has been a mecca for open-wheel racing, hosting Formula One's U.S. Grand Prix from 1961-80 and CART IndyCar events from 1979-81.

The IndyCar Series began racing at Watkins Glen in 2005, the track's first open-wheel event in 24 years.