CHAMPCAR/CART: CART BOD resignations annoucned

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INDIANAPOLIS (January 12, 2004)- Championship Auto Racing Teams, Inc. (the Company) (OTCBB: CPNT.OB) announced today that James F. Hardymon, James A. Henderson, Rafael A. Sanchez and Frederick T. Tucker resigned as members of the Championship...

INDIANAPOLIS (January 12, 2004)- Championship Auto Racing Teams, Inc. (the Company) (OTCBB: 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 heartfelt 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."

Safe Harbor Statement

Statements made in this news release that state the company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "forecast," "intend," "could," "would," "estimate," or "continue" or the negative variation thereof or comparable terminology are intended to identify forward looking statements. It is important to note that the company's actual results could differ materially from those contained or implied by such forward-looking statements. The risks and uncertainties to be considered include, but are not limited to, the failure of the proposed transaction with Open Wheel to be completed for any reason, CART, Inc.'s new co-promoted and self-promoted events; new television and advertising arrangements; the success of events in new venues; participation by race teams; the current uncertain economic environment and weak advertising market; and availability in capital; among others. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the Company's SEC filings made from time to time, including, but not limited to, the Form 10-K for the year ended December 31, 2002, as amended, and subsequent 10-Qs. Copies of those filings are available from the Company and the Company's website at www.champcarworldseries.com and the SEC and the SEC's website at www.sec.gov.

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Series AUTOMOTIVE , INDYCAR