CART reveals expensive settlement
CART has revealed that its out-of-court settlement with Texas Motor Speedway cost 2.4 million pounds, which led to an overall third quarter loss for the organisers of the FedEx Champ Car series
The Texas event in April was cancelled after drivers complained of dizziness while lapping the high-banked oval at about 230mph. The figure is understood to cover its legal expenses in the case.
CART also suffered a further heavy loss of six million pounds after deciding to cancel its Dayton Indy Lights Championship at the end of this season.
The losses were offset slightly, however, by an increase in revenue over the same period last year, mainly thanks to the fees paid by Rockingham and Eurospeedway Lausitz for September's European oval races.
"Although we ran the same number of races in CART as we did in the third quarter of 2000, the increase in revenues were primarily attainable to the higher sanction fees we received for our two European races," said CART's Thomas Carter.
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