CART buy-out goes ahead
Open Wheel Racing Series has confirmed that its buy-out of Championship Auto Racing Teams, the organiser of the faltering Champ Car World Series, will go ahead to allow the US-based single-seater series to continue next year
The closing of the asset purchase agreement is subject to certain conditions - including the approval of the bankruptcy court. Should nothing untoward happen, however, OWRS will run the CART series as scheduled in 2004.
OWRS added that it had reached contracts with promoters, teams and sponsors, including those engaged in the Toyota Atlantic series.
"Effective immediately, we're ready to begin work to implement our vision for Champ Car in 2004 and for many seasons beyond," said OWRS partner Paul Gentilozzi. "Our purchase was with the express intent of supporting our teams and sponsors competing now and in the future. Therefore, as a show of strength and good faith, Open Wheel has accepted the liability of almost $2.7 million in 2003 prize monies which we will pay to our teams that elect to participate in the 2004 Champ Car season."
CART has announced losses of almost $78million for this season, and earlier this year warned that it could cease operations unless a takeover was completed.
"This was absolutely the right move for the future and longevity of Champ Car," said OWRS partner and Team Player's chief Gerald Forsythe. "I have every confidence that this decision will prove successful."
OWRS also revealed that it had appointed Richard P. Eidswick as the CEO overseeing the transition of through the 'Chapter 11' bankruptcy proceedings. Former series boss Chris Pook is no longer a part of the management set-up.
"I'm confident that the Champ Car World Series will emerge from the bankruptcy process stronger than ever," said Eidswick. "I look forward to working with all parties involved to build on our strengths and explore new opportunities as we position Champ Car for 2004 and beyond."
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