Championship Auto Racing Teams, Inc. Provides Updated 2001 Financial Guidance

    DETROIT, May 21 Championship Auto Racing Teams, Inc.
today provided updated financial guidance with respect to
anticipated restructuring costs and responds to inquiries with respect to the
financial impact of the recent postponed race at Texas Motor Speedway.
    As announced on April 23, 2001, the Company began restructuring its Racing
Division, which resulted in the elimination of the positions of President of
Racing Operations and Vice President of Logisitics.  The restructuring costs
are expected to include a pre-tax, non-recurring charge in the second quarter
of 2001 in the amount of $810,000, resulting from the payments made by the
Company under severance agreements with the former employees who served in
those positions.
    The Company also stated that since there has been litigation initiated by
the Texas Motor Speedway with respect to the sanction fees previously paid to
the Company and alleged damages and expenses of Texas Motor Speedway for the
race that was postponed on April 29, 2001, the Company is unable to comment on
the financial impact the postponement will have on the Company.
    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 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.

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