Open Wheel Racing Series Responds to IRL's Bid on CART Assets

LANSING, Mich. (Jan. 23, 2004) ­ The Indy Racing League¹s (³IRL²) submission
of a bid for selected assets of Championship Auto Racing Teams, Inc.
(³CART²) has only reinforced the Open Wheel Racing Series, LLC (³OWRS²)
commitment to preserve the future of open-wheel racing through the
continuation of the Champ Car World Series.

Any competing bid had to be submitted no later than 9:30 a.m. today. On Jan.
28, U.S. Bankruptcy Judge Frank J. Otte will render a final decision on the
disposition of the CART assets.

³We stand by what we¹ve said previously,² said OWRS partner Paul Gentilozzi.
³We will do whatever it takes to save the Champ Car series and ensure its
success into the future. Last-minute posturing and provocation by (Tony)
George and his organization only serve strengthen our commitment and
dedication to do what¹s right for motorsports. To coin a phase, Œfailure is
not an option.¹

³We have teams representing more than 18 cars, a creative television
package, and a great race schedule all ready to go,² continued Gentilozzi.
³Our plan calls for a win-win situation for the teams, creditors, sponsors,
promoters, and the fans ­ a fact that will not go unnoticed in the courtroom
next week.

³It¹s clear what the IRL¹s intentions are when you look at which assets they
want to purchase,² said Gentilozzi referring to the Long Beach contract and
the CART engines, among other equipment. ³They want to kill the series, yet
they hide that fact under the pretext of Œunification.¹ They¹re not fooling
anyone.² 

OWRS partner Kevin Kalkhoven explained, ³The IRL bid specifically excludes
the teams and their employees. Furthermore, it excludes the other races and
promoters which reached more than 2 million fans. Their bid does not take
into account the tens of millions of dollars of future liabilities that
would be accepted by OWRS. We intend to preserve the teams and sponsors.

³No amount of posturing by the IRL will determine the ultimate fate of the
Champ Car series. The issue will be decided in a court of law, based on the
facts presented,² concluded Kalkhoven.