Championship Auto Racing Teams, Inc. Announces Resignations From Board of Directors

INDIANAPOLIS, Jan. 12, 2004 -- Championship Auto Racing Teams, Inc. (the Company) (BULLETIN BOARD: CPNT.OB) announced today that James F. Hardymon, James A. Henderson, Rafael A. Sanchez and Frederick T. Tucker resigned as members of the Championship Auto Racing Teams, Inc. Board of Directors, effective January 9, 2004. Christopher R. Pook is the sole member of the Board of Directors following such resignations.

Christopher R. Pook, President and Chief Executive Officer of the Company, offered his thanks for the contributions each director has made to the Company. "On behalf of the Company and its Shareholders, I wish to extend my heart felt thanks to Jim Hardymon, Jim Henderson, Ralph Sanchez and Fred Tucker for their guidance and dedication during their tenures as directors. They have committed a substantial amount of time and energy in fulfilling their obligations as directors, and we appreciate the support each has provided to the Company and our sport. The Company will no longer be actively engaged in business operations and intends to wind up its affairs in an expeditious manner."