BANKRUPTCY JUDGE AWARDS CART, INC. ASSETS TO OPEN WHEEL RACING SERIES

 


LANSING, Mich. (Jan. 28, 2004) ­ With todayıs decision in U.S. Bankruptcy
Court in Indianapolis by Judge Frank J. Otte, Open Wheel Racing Series, LLC
(³OWRS²) will immediately take over operations of the Champ Car World
Series. Judge Otte ruled the bid submitted by OWRS partners Paul Gentilozzi,
Kevin Kalkhoven, and Gerald Forsythe was the best option for all concerned
parties. 
 
The ruling means OWRS acquires all assets of the Champ Car World Series,
including all race-related equipment as well as the race contracts with
various promoters. In effect, the ruling guarantees North Americaıs premier
open-wheel racing series will compete in 2004 and beyond.
 
The final 2004 race schedule, television plans, and team, driver, and
sponsorship announcements will be forthcoming throughout the next two
months. The series anticipates an 11th consecutive season of drawing more
than 2.2 million spectators ­ a streak unmatched in North American
open-wheel racing.
 
³Weıre extremely pleased Judge Otte agreed with the recommendations of
Championship Auto Racing Teams and the Creditorsı Committee, and allowed us
to preserve what we believe is the finest racing series in the world,² said
Gentilozzi. ³We will make the most of this opportunity and will ensure Champ
Car teams, drivers, partners, and fans are never again subjected to a
situation like this.²
 
Kalkhoven was equally delighted, ³None of this would have been possible
without the unbridled support of our valued race promoters and team owners
that stuck with us through all the IRLıs much-publicized machinations, or
without the fervent support of the fans,² explained Kalkhoven. ³Every
supportive letter and e-mail we received strengthened our desire to resolve
this matter properly. We are all acutely aware of the responsibility we now
bear for the Champ Car community and we, along with everyone else in the
series, will strive to exceed our expectations every day.²
 
Said Forsythe, ³Iım just glad all this is over and we can get back to the
business of what we do best, and thatıs giving our many fans the kind of
racing theyıve come to expect from the Champ Car World Series.²
 
Preparations continue for the 2004 season, which begins April 18 with the
crown jewel of North American racing, the Toyota Grand Prix of Long Beach.
Defending series champion Paul Tracy of Forsythe Racing will lead a pack of
the worldıs top talent in the chase for the Vanderbilt Cup, which is awarded
to the series champion.