OWRS wins CART assets 'with no stipulations'

Although it matched the IRL's original bid of £3.26m, OWRS faced a revised IRL bid of $13.5m. Despite this, Judge Otte took into account OWRS's intent to honour existing contracts with race promoters, plus an agreement with CART's Delaware company to waive an outstanding $63m loan for 2003 operating expenses, should the OWRS bid be accepted.

"I realise there's a difference between $13.5m and $3.2m," the judge said in his summing-up, "but this bid must account for the assumption of these contracts. We know for certain there would be litigation, and there would be damages. These men [the OWRS] feel like they can breathe new life into this series and they can compete with the IRL. The IRL doesn't believe they can do that. Hopefully, they can have a new grade of life."

IRL president Tony George responded after the hearing by saying: "We knew it was going to take money. We brought our chequebook and determination, but in the end we didn't have the right currency. Today was about creditors and the money owed by CART."

Midway through the hearing, the IRL withdrew its bid to purchase CART's supply of engines, as it became apparent that Cosworth had the right to buy them back at $10 each should ownership of the series change hands.