Open Wheel Racing Completes CART Asset Purchase Agreement

LANSING, Mich. (Dec. 15, 2003) ­ Open Wheel Racing Series, LLC (³Open
Wheel²) has completed its negotiations with CART, Inc. and Championship Auto
Racing Teams, Inc. to purchase specific assets, including contracts with
promoters, sponsors, and teams, through the planned Chapter 11 bankruptcy
process of CART, Inc. This agreement allows for the continuation of the 2004
Champ Car World Series season.

Open Wheel will begin the immediate planning and implementation of the
operational details required to conduct the Champ Car World Series in 2004
as the closing of the transaction continues. The closing of the transaction
is subject to certain closing conditions including the approval of the
bankruptcy court.

³Our goal throughout this process was for an expedient resolution so our
teams and sponsors could proceed with full confidence,² said Paul
Gentilozzi, an Open Wheel partner. ³We¹re extremely grateful to all of the
sponsors, teams, promoters, and fans that have expressed their ongoing
encouragement. Their loyalty has been phenomenal; they¹ve stayed with us
throughout this initiative and have supported us at every turn.

³Effective immediately, we¹re ready to begin work to implement our vision
for Champ Car in 2004 and for many seasons beyond,² explained Gentilozzi.
³Our purchase was with the express intent of supporting our teams and
sponsors competing now and in the future.

³Therefore, as a show of strength and good faith, Open Wheel has accepted
the liability of almost $2.7 million in 2003 prize monies which we will pay
to our teams that elect to participate in the 2004 Champ Car season,²
revealed Gentilozzi.

³There¹s been a great deal of speculation about car count for next year,²
continued Gentilozzi. ³We talk to our teams on a daily basis and we¹re more
than confident that we¹ll have a full field of cars in 2004. In addition, we
anticipate new team and driver announcements in the very near future.²

Kevin Kalkhoven, an Open Wheel partner and co-owner of PK Racing, was
instrumental in the acquisition process. ³This was an extremely complex
deal,² noted Kalkhoven, former CEO of JDS Uniphase, a leading global
supplier of components and modules for advanced fiber optic
telecommunications networks. ³I pride myself in my knowledge and expertise
in acquisitions and mergers, but I was surprised by the complexity of the
transaction.

³But I¹m positive the agreed upon format is definitely the correct one and
one which will allow our Series to grow and flourish in 2004 and beyond,²
added Kalkhoven.

OWRS partner Gerald Forsythe has had a long emotional and financial
commitment to the Champ Car World Series and is convinced that the asset
purchase agreement was key to ensure the Series¹ future. ³This was
absolutely the right move for the future and longevity of Champ Car,²
commented Forsythe, who co-owns Team Player¹s and is a limited partner of
the BAR Formula One team. ³I have every confidence that this decision will
prove successful.² 

In a related move, Open Wheel nominee Richard P. Eidswick has been appointed
as CEO of CART, Inc. to see the organization through the Chapter 11
proceedings. During the transition, Eidswick will report to the CART Board
of Directors.

Eidswick is co-founder and Managing Director of Arbor Partners, an Ann
Arbor, Mich.-based venture capital firm which primarily invests in companies
focused on the creation of next-generation application software and
communication technologies. In addition to capital, Arbor Partners offers
clients a comprehensive set of business-building resources including
assistance with strategic planning, development of product and marketing
strategies, and the establishment of corporate partnerships.

³I¹m confident that the Champ Car World Series will emerge from the
bankruptcy process stronger than ever,² said Eidswick. ³I look forward to
working with all parties involved to build on our strengths and explore new
opportunities as we position Champ Car for 2004 and beyond.²

The Champ Car World Series 2004 racing season begins on April 18 with its
22nd running of the Toyota Grand Prix of Long Beach. Reigning Champ Car
Drivers¹ Champion Paul Tracy will return to defend his 2003 Long Beach win.