Open Wheel Racing Series LLC Proposes to Acquire CART

MENLO PARK, Calif., Aug. 18, 2003 -- Open Wheel Racing Series LLC today announced that it has delivered to Championship Auto Racing Teams, Inc. (MPH) a proposal to acquire all the outstanding common stock of CART for approximately $.50 cash per share. Open Wheel Racing's proposal was set forth in an offer letter sent to the CART Board of Directors on Friday, August 15, 2003. Open Wheel Racing understands that its proposal has not been accepted by CART, but if Open Wheel Racing and CART are able to reach agreement and an acquisition is completed, Open Wheel Racing intends to continue to operate the business of CART, including continuing to sanction the motorsports series currently known as "Bridgestone Presents the Champ Car World Series Powered by Ford."

Open Wheel Racing Series LLC is a newly formed company owned indirectly by a group of investors including Gerald R. Forsythe, Kevin Kalkhoven, Paul Gentilozzi, Carl Russo and Motorock LLC. Open Wheel Racing Series and the group of investors currently have beneficial ownership of 3,377,400 shares of CART common stock, all of which shares are held by Gerry Forsythe or entities owned or controlled by him. Such shares constitute approximately 22.9% of the outstanding shares of CART common stock.

Open Wheel Racing Series LLC and its members believe that an acquisition presents the best opportunity to continue the CART racing series, including the support series. Open Wheel Racing would like CART to continue to provide a forum for open-wheel racing in North America and worldwide. Open Wheel Racing and its members believe that CART's format, which features racing events on superspeedways, ovals, temporary street courses in urban settings and permanent road courses, can be successful with the proper organizational and capital structure.

Open Wheel Racing's first priority for CART is to stabilize its financial outlook. The offer price reflects the fact that the members of Open Wheel Racing believe that CART will require significant additional capital to maintain its ongoing operations. Open Wheel Racing and its members believe that if such capital were raised through an equity financing, even if such equity financing were possible, CART shareholders would likely suffer sufficient dilution to reduce the market price of the Common Stock to less than the offer price. Members of Open Wheel Racing have committed initial additional funding of $15,000,000 to Open Wheel Racing after the proposed acquisition, which would enable Open Wheel Racing to provide additional funding to CART. If a third party, which intends to continue to operate the business of CART makes a superior offer, Open Wheel Racing and its members at present intend to support such superior offer.

In order to improve the financial outlook for CART, Open Wheel Racing would focus on CART's three constituencies: fans, sponsors and teams. For the fans, Open Wheel Racing would seek to broaden the fan base by maintaining the current series format as well as entering into strategic agreements with other parties (including Motorock) to organize and conduct music festivals, concerts, events and contests in conjunction with CART racing events. Open Wheel Racing plans to provide enhanced value to sponsors by increasing the fan base both at race venues and via other broadcast mediums. Open Wheel Racing and its members believe that the financial interests of the teams are best promoted by creating a stable business environment to allow the successful operation of the teams over the long term.

Further information regarding the plans of Open Wheel Racing Series LLC and its intentions for CART is available from the SEC at the SEC's website www.sec.gov in a filing made by Open Wheel Racing Series LLC and its members, including a copy of the offer letter sent to the CART board of directors.

About Open Wheel Racing Series LLC

Open Wheel Racing Series LLC is a specially-formed entity whose principal business is to acquire all outstanding capital stock and attached rights of CART and its principal office is located at 275 Middlefield Road, Second Floor, Menlo Park, California 94025. The members of Open Wheel Racing are 21st Century Racing Holdings LLC, Big Bang Racing LLC, and Willis Capital, L.L.C. Kevin Kalkhoven is the sole member of 21st Century Racing Holdings LLC. Gerald R. Forsythe is a member of Willis Capital, L.L.C., along with Forsythe Racing, Inc., Indeck Energy Services, Inc. and Indeck-Illion Cogeneration Corp. Paul Gentilozzi, Motorock LLC and Carl Russo are the members of Big Bang Racing LLC.