George explains CART bid

During a break from IRL IndyCar Series testing at Homestead-Miami Speedway, George indicated to autosport.com that he and his lawyers were not fully prepared for last-minute twists and turns Wednesday in Judge Frank Otte's courtroom. Otte eventually awarded the assets to three CART car owners, who plan to continue the series under their OWRS banner.

"It would have taken an insane amount of money for us to prevail," said George. "That wasn't totally apparent to us until very late in the process. The creditors probably got the best deal that they could get. At least there was someone there to bid to cause them to offer more than they originally did. Now they've got a whole new set of issues to deal with. Sometimes you've got to be careful what you wish for; it just might come true."

In his first extensive public discussion about Wednesday's case in an Indianapolis federal court, George said he still believes open-wheel racing will come under one banner. He also reiterated the IRL's intent to hold 20 races in 2005, indicating the four new races will be on road or street courses.

George said he went into court expecting to outbid the OWRS leaders - Gerald Forsythe, Paul Gentilozzi and Kevin Kalkhoven - for CART's assets. However, when Otte took into consideration that CART would waive a $62million loan if the judge awarded the assets to OWRS, George realised that he would have to spend more than expected to outbid them.

"It was disappointing that we didn't really understand the process," George said. "I don't know if it was intentional or unintentional, but I don't think we knew the parameters of what we were dealing with. Some of the things that were thrown up as impediments in the last 24 to 36 hours were clearly not good signs. We had to see the thing through to the end. We were willing to spend a sizable amount of money, but it didn't matter how much money we had."

The decision continued the split among two factions of open-wheel racing, a battle that is entering its ninth season. In 1996, George formed the IRL and changed the specifications and format of the Indianapolis 500. CART teams - saying they'd been locked out - boycotted the race. Since that time, the two sanctioning bodies have run rivaling schedules of single-seat, open-wheel racing in North America.

In recent years, many of CART's top teams and engine manufacturers have joined the IRL. Meanwhile, CART began to struggle financially, racking up an estimated $100 million debt before filing for Chapter 11 bankruptcy protection last year. George and the IRL put in a bid for a portion of CART's assets, including its engines and contracts for five races.

George insisted he was attempting to unify the genre, not destroy one side.

"I don't think we did more damage," he said. "CART was bankrupt. The judge, looking out for the creditors, wanted another bidder. It was a pre-packaged deal. There no doubt that eventually open-wheel racing will be run under one banner. That would make sense. I can speak for everyone in this [the IRL] paddock in saying that this is in the best interest. I can't speak for everybody in CART. We tried to make the argument that there would be opportunity for the teams, sponsors and promoters here."

That said, George still believes open-wheel racing will be drawn together under one sanctioning body. He also indicated a belief that former CART teams could be drawn to the IRL during the course of the 2004 season. Newman-Haas Racing is reportedly considering a run at this year's Indy 500, and the sight of Bruno Junqueira and Derrick Walker in the Homestead paddock also raised eyebrows during the two-day test.

"Some CART owners have been looking at running a limited schedule in '04 with the Indy Racing League, so things may change," said George. "This may continue to be a fluid process throughout this year. We'll have to wait and see. Time ultimately will tell."

George also said the IRL will continue to plan to race on road and street courses in 2005, but didn't reveal any potential venues. He indicated he thought the league would hold 20 events in 2005, up from its 16-race schedule for 2004. When asked if the additional races would be road and street events, George said yes.

"I would think anything we would add would be a road or street race," George said. "I doubt there would be any changes to our oval schedule, but I don't know."