CART commences legal action against ISL Marketing

Posted By Terry Callahan
Motorsports Editor, The Auto Channel

March 1, 2001

DETROIT - Championship Auto Racing Teams, Inc. today announced that it has filed a complaint against ISL Marketing AG in Oakland (Mich.) County Circuit Court seeking compensatory and consequential damages in excess of $100 million.

ISL has served as CART's exclusive worldwide marketing agent since the execution of the contract in 1998, seeking sponsorship for the open-wheel sanctioning organization. The agreement obligates ISL to guarantee a pre-determined amount of income to CART.

In the suit, CART alleges fraudulent inducement; breach of the agreement; and failure by ISL to pay more than $6 million due to CART with respect to its 2000 guarantee. The company indicated that discussions to resolve the matter had been ongoing but have reached an impasse. CART has concluded that it has no choice but to pursue legal action against ISL.

Championship Auto Racing Teams, Inc. owns, operates and markets the FedEx Championship Series. All FedEx Series races are broadcast domestically on ABC and ESPN television and CART's worldwide television coverage encompasses more than 200 countries and 1 billion viewers annually. Series champions Gil de Ferran, Jimmy Vasser, Michael Andretti 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.

Text Provided By Ron Richards

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