IRL files 'substantial' bid for Champ Car assets
The Indy Racing League has filed a "substantial" bid with the US Bankruptcy Court in Indianapolis to purchase certain assets of CART's Champ Car World Series. Judge Frank Otte set a deadline of today for offers rivalling that by the purpose-formed Open Wheel Racing Series company. The IRL has not disclosed the assets it wants to buy but US media reports suggest that they include CART's Cosworth engine programme and the rights to the Long Beach GP
Judge Otte will announce his decisions on the bids next Wednesday (January 28). In the meantime, OWRS partner Gerald Forsythe commented: "My read is that the judge will throw out the IRL bid because there's no way anybody can come up with as competitive a bid as we have. 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."
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