Chicago oval shuts down

Chip Ganassi teamed with the Bidwell family to convert a disused horse track into a 1.029-mile oval that was supposed to be a modernized Milwaukee Mile. While the CMS facilities were judged as good, the track failed to build a fan base after strong promotion from Target Stores produced a sellout crowd for the track's inaugural Champ Car event in 1999. The facility was barely half full for the 2001 Champ Car race.

"Since the inaugural Target Grand Prix in 1999, the outstanding professionals of CART racing have provided many thrills, and our fans have shown their appreciation," CMS president Chip Ganassi said. "We look forward to providing this region with continued entertainment and sporting events in the future."

CART's race was scheduled for June 30 and the Champ Car sanctioning body has already set plans into motion to create a new event.

"We were very sorry to hear about the decision regarding Chicago Motor Speedway today and remain grateful to the principals behind the organization," CART boss Chris Pook said. "We had three great years there and we are appreciative of the opportunity to participate. However, the city of Chicago and its great race fans remain important to CART, our sponsors and teams and by no means does this close the door on Chicago for the CART Championship Series in the future."