Open Wheel Racing Announces Alternative Proposal

OPEN WHEEL RACING SERIES LLC

CONTACT: Wendy Gabers
Phone: 517-337-2600
OPEN WHEEL RACING ANNOUNCES ALTERNATIVE PROPOSAL

LANSING, Mich. (Dec. 2, 2003) ‹ Open Wheel Racing Series LLC (³OWRS²) today
announced that it proposed to Championship Auto Racing Teams, Inc. (OTCBB:
CPNT.OB) (³Championship²) that it acquire certain assets of Championship or
CART, Inc.  OWRS made the proposal during a meeting with representatives of
Championship where it became clear that Championship is unlikely to fulfill
one or more of the conditions required to close the previously announced
merger agreement. The purpose of the proposal is to permit OWRS to continue
the CART racing series next year.

The plan proposes that OWRS would acquire certain assets of Championship and
its wholly owned subsidiary, CART, Inc. In order to permit Championship to
operate until a transaction closes, OWRS would provide secured financing to
Championship in an amount to be determined. Championship is currently
considering the proposal.

According to OWRS partner Paul Gentilozzi: ³This proposal will allow OWRS to
acquire the assets necessary to continue the CART racing tradition into
2004. OWRS expects to retain a sufficient number of cars to meet CART¹s
contractual obligations with our race promoters.

³OWRS plans to maintain, and ultimately expand the CART racing series in the
Americas and throughout the world. While OWRS is disappointed that the
previously announced transaction appears no longer feasible, it remains
committed to the CART racing series.²

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