Championship Auto Racing Teams, Inc. Receives Distribution from CART, Inc. Bankruptcy

INDIANAPOLIS, May 26, 2005 -- Championship Auto Racing Teams, Inc. announced today that the bankruptcy proceedings for its wholly owned subsidiary CART, Inc. is estimated to result in a distribution to the Company of between $400,000 and $450,000, the exact amount to be dependent upon final administrative expenses and a resolution of other minor claims. The Company intends to proceed with winding up its affairs as soon as practicable.

ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.

Championship Auto Racing Teams, Inc. previously owned and operated the Champ Car World Series. The Company has sold all of its operating assets and is in the process of winding up its affairs.