IRL confirms bid for assets

IRL executive vice president of communications Fred Nation confirmed the news that the series had beaten a Friday deadline to submit a bid in US Bankruptcy Court. "The bid was delivered early this evening to attorneys for CART and for the creditors committee," said Nation on Thursday. "The bid is substantial."

According to a report on SPEEDTV.com, the IRL wants to buy the rights to America's most popular street race, the Long Beach Grand Prix, and also purchase CART's engine programme.

CART owned the turbocharged Cosworth engines campaigned by all its team in 2003 and they were leased to those teams by CART. If George is successful in his buyout, the OWRS that is trying to keep CART's legacy alive would literally be powerless in 2004. The IRL runs normally-aspirated engines manufactured by Toyota, Honda and Chevrolet.

Since taking over for Formula 1 in 1984, CART's cornerstone event has been the spring street show at Long Beach. It's the second biggest open-wheel race in the country behind the Indianapolis 500 - usually drawing more than 150,000 spectators in three days. Sponsored by Toyota, one of the IRL's engine suppliers, Long Beach is scheduled to celebrate its 30th anniversary on April 18 when OWRS opens its planned season.

The IRL, which competes at Motegi in Japan that weekend, has publicly stated it will not be possible to race on road courses or street circuits in 2004. But there has been speculation that the Rolex Grand American Road Racing Series, owned by International Speedway Corporation and partners with George at several IRL tracks, could also make a run at Long Beach and other CART venues by Friday's filing deadline.

It's also possible that George could offer to pay the LBGP Association several million dollars in lieu of a race in '04 and add it to the 2005 IRL schedule.

Judge Frank Otte will rule on the bids next Wednesday (January 28) and OWRS principal Gerald Forsythe feels confident OWRS will win the right to continue CART's 25-year tradition. OWRS plans to run a 16-race season in 2004.

"My read is that the judge will throw their [IRL] bid out because there is no way anybody can come up with as competitive a bid as we have," said Forsythe. "He's got to look at the whole picture and we've got a comprehensive business plan that we've been working on for seven months.

"There are obligations to race promoters, sponsors and investors and the IRL could be looking at huge claims against them. I feel we have all our bases covered. I'm extremely confident."

During an OWRS meeting in Indianapolis last week OWRS Kevin Kalkhoven said George's intent should be obvious. "He wants to shut us down and we want to build CART back up."