Champ Car decision in three weeks

CART must wait three more weeks to gain clearance or otherwise to sell its Champ Car World Series assets to the purpose-formed Open Wheel Racing Series company. Judge Frank Otte, presiding over the CART 'Chapter 11' bankruptcy application, heard all interested parties in Indianapolis on December 30 and announced that he would deliver his decisions on January 23, despite a revelation to the effect that an ISC subsidiary was potentially interested in making a rival bid

Champ Car decision in three weeks

After the hearing, Mike Hile, the attorney representing ISC's California Speedway in the Birch Bayh Federal Building & Courthouse, later confirmed that the track operator, 88 Corporation, was the ISC subsidiary involved. However he declined to disclose his client's precise intentions. Cal Speedway has a US$2.5m claim against CART for the return of its sanctioning fee for the 2003 Champ Car finale, which was cancelled due to wildfires near the venue in Fontana.

CART attorney James Carr referred to this news as a "red herring" and argued: "If the sale [to OWRS] is not put in place, there will be no racing series here to preserve." OWRS attorneys put forward February 13 as the final realistic date to allow the Champ Car World Series and the Toyota Atlantic Series to embark on their 2004 schedules.

The judge agreed with these assessments and overruled objections aimed at delaying the process further.

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