Open Wheel Racing Series Not Concerned about IRL Non-Disclosure Agreement

OPEN WHEEL RACING SERIES, LLC

FOR IMMEDIATE RELEASE

CONTACT: Wendy Gabers
Phone: 517-337-2600
OPEN WHEEL RACING SERIES NOT CONCERNED
ABOUT IRL NON-DISCLOSURE AGREEMENT

LANSING, Mich. (Jan 14, 2004) ­ Open Wheel Racing Series, LLC (³OWRS²)
partners today indicated that they are not concerned by the information that
the Indy Racing League (³IRL²) has recently expressed an interest in the
CART, Inc. (³CART²) assets.

On Dec. 30, 2003, U.S. Bankruptcy Judge Frank J. Otte established a timeline
to complete the CART asset purchase proceedings. The court approved the
procedure submitted by CART to sell its assets and accepted the OWRS
proposal to purchase said assets as a ³qualified bid.² Any other parties
interested in submitting competing bids must do so no later than Jan. 23,
and the court will render a final decision with regard to the OWRS proposal
on Jan. 28. 

³My understanding is that the IRL filed and signed a non-disclosure
agreement with CART that gives them the right to examine the documents for
the CART asset purchase as put forth by the court,² explained Paul
Gentilozzi, an OWRS partner and owner of Rocketsports Racing. ³Itıs not
unexpected that other organizations would come forward to review the assets
and documents as weıre all in the motorsports business.

³Weıve spent six months to acquire a thorough understanding of the situation
and develop a business plan for the successful operation of the series. We
are steadfast in our dedication and commitment to continue the Champ Car
World Series for the millions of loyal open-wheel racing fans throughout
North America and beyond,² concluded Gentilozzi.

Said Kevin Kalkhoven, an OWRS partner and co-owner of PK Racing, ³I doubt
that the IRL would put in a bid in order to continue the series. In my
opinion, their desire would be to kill it. The result would be many hundreds
of Americans out of work, depriving two million fans of the opportunity of
watching some of the greatest racing in the world and showcasing a great
historical American motor racing series. I would sum it up as the IRL wants
to bury ­ OWRS wants to build; thatıs the difference.²

Kalkhoven added, ³Any offer to acquire specific race assets without assuming
all of the contracts as in the OWRS proposal is unlikely to beat the OWRS
offer because it would not take on all of the liabilities associated with
those contracts.²

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

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