CART looks towards privatisation

Champ Car World Series organiser CART has said that it is looking at the possible privatisation and sale of the company, as it explores "strategic alternatives" to secure its long-term future

CART looks towards privatisation

CART floated on the stock market in 1998, but its share price has fallen dramatically in recent years as the Champ Car World Series has struggled in competition to the rival IRL IndyCar Series. The company has now confirmed that it has hired an investment bank to study options for the long-range future of the company, including a possible sale.

The sanctioning body's problems stem from the fact that its revenue has dropped substantially in recent years. CART has traditionally made its money from three main areas: sanctioning fees from race tracks, sponsorship deals and television rights sales.

However, as the popularity of the series has waned, the income from each of these has dropped substantially. The company has also had to spend more money to keep the series running, through taking on the promotion of races itself and subsidising teams to ensure that there was a minimum of 18 cars on the grid this year.

CART boss Chris Pook has long been a proponent of taking the company back into private ownership, and long-term rumours have linked F1 tsar Bernie Ecclestone with a buy-in to the championship. Another rumour at Laguna Seca last weekend suggested Jacques Villeneuve's manager and PK Racing boss Craig Pollock could invest in the series.

shares
comments
Working calendar for 2004 BTCC

Previous article

Working calendar for 2004 BTCC

Next article

MSA invites tenders in UK racing overhaul

MSA invites tenders in UK racing overhaul
Load comments
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
The female all-rounder who arrived "too early" Plus

The female all-rounder who arrived "too early"

From Formula 3 to truck racing, Dakar and EuroNASCAR via a winning stint in the DTM, there's not much Ellen Lohr hasn't seen in a stellar racing career that highlights the merit in being a generalist. But she believes her career came too early...

General
Feb 17, 2021
How Radical's latest machines fare on track Plus

How Radical's latest machines fare on track

The lightweight sportscar manufacturer has not rewritten the rulebook with its latest machines, but the new SR3 XX and SR10 still provide a step forward on its previous successful models

General
Feb 8, 2021
The real-life racing rogues stranger than fiction Plus

The real-life racing rogues stranger than fiction

The forthcoming Netflix film linking the world of underworld crime and motorsport plays on a theme that isn't exactly new. Over the years, several shady figures have attempted to make it in racing before their dubious dealings caught up with them

General
Jan 31, 2021
How a GP is thriving in a COVID-free territory Plus

How a GP is thriving in a COVID-free territory

The New Zealand Grand Prix's mix of rising talent and big-name stars thrilled the crowds (yes, remember crowds?) assembled for the Toyota Racing Series meeting at Hampton Downs last weekend and left distant observers craving a repeat

General
Jan 26, 2021
How a much-changed Macau GP kept the party going Plus

How a much-changed Macau GP kept the party going

OPINION: The 67th edition of the Macau Grand Prix might have been a largely muted affair to the outside world without its international influx and star line-ups, another victim to the COVID-19 pandemic, but organisers deserve huge credit for keeping the party going

General
Nov 24, 2020