Open Wheel Racing Series To Purchase Trans-Am Racing, LLC

LANSING, Mich. (Dec. 17, 2003) ‹ Effective Jan. 1, 2004, Open Wheel Racing
Series, LLC (³Open Wheel²) will purchase Trans-Am Racing, LLC (³TAR²), it
was announced jointly today by Open Wheel partner Paul Gentilozzi and TAR
Executive Director John Clagett. TAR operates the Motorock Trans-Am Tour for
the BFGoodrich Tires Cup.

The move follows an announcement made by Open Wheel that it would purchase
specific assets, including contracts with promoters, sponsors, and teams,
through the planned Chapter 11 bankruptcy process of CART, Inc.

Open Wheel will immediately become involved in the planning of the 2004
Trans-Am Tour, which will herald an alignment of America¹s premier sedan
road racing tour with the world¹s preeminent open wheel racing series.

³The Trans-Am Tour needed to continue its association with America¹s premier
road racing circuits, and the synergy created by integrating it under the
Open Wheel umbrella along with the Champ Car World Series allows us to meet
that goal,² said Gentilozzi. ³Bringing Champ Car and Trans-Am under the same
roof will also allow us to best capitalize on both series¹ strengths, while
more effectively managing both.²

³This is another positive step for Trans-Am, and we are pleased to join
Champ Car under the Open Wheel banner,² said Clagett. ³Planning for the 2004
season is well underway, and we expect to announce an exciting and ambitious
Trans-Am racing schedule the week of Dec. 21.²

The Motorock Trans-Am Tour features closed-fendered, production-based,
V-8-powered sports cars, competing on permanent road courses, and temporary
street and airport circuits throughout North America. The Trans-Am Tour is
America¹s oldest continuously running road racing series and will celebrate
its 39th anniversary in 2004.

Motorock is the creation of a popular culture brand that blends the
enthusiast markets of cars, stars and guitars. It is a yearly series of
destination live events that showcases the excitement of motorsports, music
and lifestyle while delivering a unique new form of broadcast entertainment
programming.