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Ruling 'saves 100s of jobs'

Bankruptcy Judge Frank Otte's decision to award the assets of CART to Open Wheel Racing Series, instead of a bid from the Indy Racing League for nearly four times as much cash, came down to two key factors. Firstly, the unpredictable amount of litigation that would have resulted from the termination of at least six promoter contracts, plus the fact that awarding the deal to OWRS would have effectively put the entire Champ Car industry out of business.

"Now we can stop worrying about all that go racing," said OWRS co-principal Kevin Kalkhoven, who hosted a celebration party Thursday night at CART headquarters on Indianapolis' northwest side.

Judge Otte stated that in his own research, he determined that between 300 and 460 industry jobs would be lost aside from the 45 people employed by CART. Outside sources believe the overall number of jobs lost would be closer to 1,000.

"Kevin did his part to keep CART afloat," said Russell Cameron, team manager for Kalkhoven's PK Racing. "If those 18 teams blew up, maybe four CART cars would have gone to the IRL. All along he seemed very confident that OWRS had the best solution for everyone involved. It's good that the judge saw it that way because there are a lot of people who believe in Champ Car racing.

"Thank God there are people like Kevin," Cameron added. "Look back to the '70s at why CART was formed. It was a group of enthusiastic team owners who wanted a better way. It's a good product, top-level racing with a lot of diversity. Kevin and his group have a rough road in front of them. It's a complex business, but he wants to see it succeed."

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