CART buy-out goes ahead

New holding company Open Wheel Racing Series has acquired CART for the cash equivalent of $0.56 per share and has stated that it intends to continue sanctioning the Champ Car World Series

CART buy-out goes ahead

Open Wheel Racing Series is owned indirectly by a group of investors including Gerald Forsythe, Kevin Kalkhoven and Paul Gentilozzi. The agreement follows CART boss Chris Pook's belief that the series needs to be privatised. Bernie Ecclestone was previously thought to be a potential buyer.

Chris Pook said: "As we have previously disclosed, this past year has been incredibly difficult for Champ Car. We believe this transaction provides the best value available to stockholders while at the same time making it possible for our series to continue in the future.

"We even considered liquidating the company, but concluded that after covering all our existing obligations and all of the liabilities that would be created if Championship went out of business there would be less left for our stockholders than in this transaction."

Kalkhoven and Gentilozzi stated in a press release: "Champ Car has millions of people who come to the races and even more follow it on television. Open Wheel Racing Series intends to fulfil its commitment to these fans by keeping Champ Car in its current format of ovals, road races and street courses. It is our intention that Champ Car will be the premier open wheel racing series of the Americas."

shares
comments
The inside line on the Italian GP
Previous article

The inside line on the Italian GP

Next article

Mumbai vies with Hyderabad for F1 race

Mumbai vies with Hyderabad for F1 race
Why romanticism isn't the key factor in Lola’s racing return Plus

Why romanticism isn't the key factor in Lola’s racing return

The iconic Lola name is being relaunched after it was taken over by new ownership. Part of that reboot is a planned return to racing, though the exact details of this are still to be finalised - though its new owner does have a desire to bring the brand back to the Le Mans 24 Hours. But romanticism doesn't appear to be the driving force behind this renewed project...

General
Jul 14, 2022
Rating the best drivers of the century so far Plus

Rating the best drivers of the century so far

Autosport's Top 50 feature has been a staple of the magazine for the past two decades since its first appearance in 2002. Here are the drivers that have featured most prevalently during that time

General
Jan 7, 2022
The best motorsport moments of 2021 Plus

The best motorsport moments of 2021

Motorsport produced one of its greatest years of all-time in 2021 despite a backdrop of ongoing COVID-19 challenges and an ever-changing racing landscape. Through the non-stop action Autosport has collected the finest moments from the past 12 months to highlight the incredible drama and joy motorsport generates

General
Dec 31, 2021
The racing comeback artists who resurrected long-dormant careers Plus

The racing comeback artists who resurrected long-dormant careers

Making it in motorsport can be tough, and sometimes drivers move elsewhere before their best chance arrives. Here are some of those who made it back

General
Dec 26, 2021
The hidden racing gem attracting ex-F1 heroes Plus

The hidden racing gem attracting ex-F1 heroes

It’s rarely mentioned when it comes to assessing the best national contests, but the Brazilian Stock Car series that reaches its climax this weekend has an ever-growing appeal. Its expanding roster of ex-Formula 1 names has helped to draw in new fans, but it's the closeness of competition that keeps them watching

General
Dec 10, 2021
The one-time Schumacher rival rebooting his career Down Under Plus

The one-time Schumacher rival rebooting his career Down Under

Joey Mawson made waves in the middle of the last decade, beating future Haas Formula 1 driver Mick Schumacher - among other highly-rated talents - to the 2016 German F4 title. A run in F1's feeder GP3 category only caused his career to stall, but now back in Australia Mawson's S5000 title success has set that to rights

General
May 8, 2021
The lesson football’s would-be wreckers could learn from racing Plus

The lesson football’s would-be wreckers could learn from racing

OPINION: The greed-driven push for a European Super League that threatened to tear football apart is collapsing at the seams. Motor racing's equivalent, the football-themed Superleague Formula series of 2008-11, was everything that the proposed ESL never could be

General
Apr 21, 2021
The F1 and Indy 'nearly man' that found contentment in Japan Plus

The F1 and Indy 'nearly man' that found contentment in Japan

Having had the door to F1 slammed in his face and come within three laps of winning the Indianapolis 500, the collapse of a Peugeot LMP1 shot meant Japan was Bertrand Baguette's last chance of a career. But it's one which he has grasped with both hands

General
Feb 27, 2021