By Michael Vega, Globe Staff

The Izod IndyCar Series, which made a return to New Hampshire Motor Speedway in August after a 13-year absence, will not be returning to the 1.058-mile oval in Loudon, N.H., in 2012.

Although they heavily promoted the MoveThatBlock.com Indy 225, track officials were sorely disappointed when they absorbed heavy financial losses and were unable to come up with an adequate solution in talks with IndyCar officials over how to best mitigate such financial setbacks going forward.

"Both sides had hoped and intended to create a long-term relationship,'' said Jerry Gappens, NHMS executive vice president and general manager, "but unfortunately we could not mutually agree on an economic model that would make an IndyCar Series race financially successful, which it was not in 2011.''

Gappens said that despite the track's best efforts to promote the event, "[It] did not meet the expectations of corporate sponsorships and ticket sales,'' he said.

"Aside from the severe financial setback, we had great feedback from those who attended the exciting event,'' Gappens said, referring to the race won by Ryan Hunter-Reay. "I have a lot of respect for Randy [Bernard, IndyCar CEO] and the IndyCar staff, teams, drivers and everyone we worked with to bring open-wheel racing back to New England.

"I wish them nothing but success as they continue to build that product and brand of racing.''