City of Rio Reviewing Contract for CART Event

    DETROIT, Jan. 29 Championship Auto Racing Teams, Inc.,
received correspondence on Thursday, January 25 from the new administration of
the city of Rio de Janeiro, Brazil that the city is reviewing all city
contracts and that it has placed the March 25 FedEx Championship Series event
on temporary administrative suspension.
    The mayoral election in Brazil's second largest city at the end of 2000
resulted in a new administration taking office after the first of the year.
One of the first actions taken by the new mayor was to place all existing city
contracts under review; after receipt of the notice, CART initiated contact
with the city on Friday, January 26, to seek resolution of the situation.
    "When we learned of the new mayor's review of all existing city contracts,
we put into place a plan to cooperate fully and supply any additional
information needed for prompt resolution," said CART President and CEO Joseph
Heitzler. "CART recognizes the importance of this event to the economy of the
city and Brazil itself.  It has a huge following throughout South America, and
we do not wish even a momentary interruption in our long-term relationship
with this important market for us."
    CART has a strong ally in Emerson Fittipaldi, former CART and Formula One
champion and now event promoter of the Rio race.  Fittipaldi, a native
Brazilian, is actively working to explore alternatives for resolution of the
situation. Other CART management and representatives were preparing to travel
to Brazil to ensure the continuation of the race. Negotiations with officials
of the city of Rio de Janeiro, as well as representatives of the regional and
national governments, are already underway.  .
    "While March 25 is fast approaching, we are committed to doing all we can
to keep the Rio race on the schedule for our fans," said Heitzler.

    Championship Auto Racing Teams, Inc. owns, operates and
markets the FedEx Championship Series, a 22-race championship conducted in
eight countries worldwide in 2001.  Champions Gil de Ferran, Michael Andretti,
Jimmy Vassar and Alex Zanardi are among the drivers who battle for the FedEx
Championship Series title on oval circuits as well as temporary and permanent
road courses.  CART also owns and operates its top two development series, the
Dayton Indy Lights Championship and the Toyota Atlantic Championship.  Learn
more about CART's open-wheel racing series at http://www.cart.com.