Chip Ganassi Sued by Chicago Motor Speedway Partners

CHICAGO, June 1 -- One of America's most prominent auto- racing personalities, Chip Ganassi, reneged on a multi-million dollar agreement, according to a lawsuit filed today. Chicago-based National Jockey Club sued its Chicago Motor Speedway partner Ganassi and his company, Chip Ganassi Group, L.L.C., for failure to pay their share of over $35 million in project debt. In the suit, filed in Federal Court in Chicago, National Jockey Club seeks several million dollars in damages.

"Our partner reneged on commitments," explained Charles Bidwill, III, President of National Jockey Club. "We invested in the $70 million Chicago Motor Speedway project as equal partners. The project didn't work out, and now Chip feels he is not obligated to share the responsibility equally. He wants us to bear remaining losses including $35 million in bank debt. That's just not right."

The 1998 venture between National Jockey Club, owned by the Bidwill family, and Ganassi, converted the Bidwills' Sportsman's Park horse racing facility in the Chicago suburb of Cicero to a dual purpose horse and motor racing facility. Races, including Championship Auto Racing Teams ("CART") and NASCAR Craftsman Truck events were held at the Speedway from 1999 through 2002. According to the lawsuit, in 2001, the Ganassi interests reneged on promises to provide funds necessary to keep the project afloat and never again materially contributed. "We entered into this project with high hopes and expectations," noted Bidwill. "It's disappointing Chip wanted an equal interest in profits, but refuses to bear the burden equally."