This means that what would have been the British Touring Cars' most prestigious race date of the season has now been cancelled, due to a lack of enough committed participants.

BTCC Series Director Alan Gow said: "We announced last July that, after a seven-year absence, we had regained our slot on British Grand Prix race day for 2004. Despite it being announced some ten months ago, and enthusiastically welcomed, those teams who belong to BETA (a teams' organisation) have now surprisingly decided that they are unable to take advantage of the highest-profile event in our calendar, for their own financial reasons. Very regrettably, I therefore have no alternative but to cancel it.

"In order to clarify; the decision not to race was taken by all members of BETA with the exception of Computeach Racing with Halfords. Conversely, all the teams that don't belong to that organisation (i.e. SEAT Sport UK, Synchro Motorsport, Edenbridge Racing, Kartworld, Mardi Gras Motorsport and Team Quest/Varta) were committed to competing.

"We were also set to announce that several of the European Touring Car Championship's leading teams and drivers would be coming to England to compete in the race. This would have made an absolutely tremendous spectacle and an incredible showcase for our cars, manufacturers, teams, drivers and sponsors in front of the biggest audience of the year.

"Unfortunately, I fear that the negative decision taken by BETA means that it is a great opportunity squandered and one that undoubtedly will be regretted for many years to come. Naturally I am particularly disappointed, as must our loyal fans be, but I must reinforce the fact that it was entirely BETA's decision that it did not wish to compete."