OWRS completes purchase

After a drawn-out bankruptcy process, OWRS is now free to operate the US-based single-seater series, which is scheduled to begin at Long Beach on April 18.

"We are pleased that the deal has finally been completed and that we can shift our focus to the racing," said OWRS partner and Forsythe Racing team owner Gerald Forsythe. "This process has given us a better appreciation of the passion within the Champ Car community and we intend to reward everyone by conducting the finest racing series possible."

All parties have now signed the requisite documents and transferring appropriate contracts to the OWRS. The contracts include those signed with race promoters and selected manufacturers as well as with employees of the series.

"I have been through a number of business dealings in my time," said OWRS partner and PK Racing team owner Kevin Kalkhoven. "But this has been one of the toughest. It took a great amount of work and commitment from a lot of people and we are very pleased with the result."

OWRS partner and Rocketsports Racing team owner Paul Gentilozzi said: "We could never have done this deal and kept Champ Car alive without the dedication, cooperation and spirit of everyone involved with the series. We are at the threshold of taking the series to a whole new level and we look forward to many great years with the Champ Cars."