V8 Supercars Australia will not race at the Queensland Raceway this year after negotiations with the track's management broke down.
V8 Supercars say the administrators of the facility at Ipswich just south of Brisbane have made "unfeasible demands" for the hire of the track.
A statement on the Queensland Raceway website from chief executive John Tetley said the deal broke down despite his association agreeing to accept V8 Supercars' price.
"For three months we have tried to find common ground with the management of V8 Supercars to no avail," Tetley said in the statement.
"We had agreed to accept their price but it was their inability to accept the rights of the Queensland Raceways Passholders and to accept responsibility for damage to our track whilst they are running the event, which became the deal breakers."
V8 Supercars chairman Tony Cochrane has raised the possibility of creating a new race circuit.
Cochrnae say maybe the time has come for us to work with the Queensland Government and jointly build our own permanent facility to ensure the nearly 1,000 jobs in our great industry are keep here in south-east Queensland," said Cochrane.
The Queensland Raceway event, which was scheduled to be held April 30 to May 2, has now been removed from this year's V8 Supercar championship calendar.
No replacement event is expected to be scheduled, leaving the calendar with 15 events, the same number as 2009.