CHAMPCAR/CART: OWRS completes purchase of CART assets

Open Wheel Racing Series Completes Purchase of Championship Auto Racing Teams Assets INDIANAPOLIS (February 17, 2004) -- Open Wheel Racing Series, LLC, d/b/a Champ Car today announced that it has finalized the acquisition of the assets...

Open Wheel Racing Series Completes Purchase of Championship Auto Racing Teams Assets

INDIANAPOLIS (February 17, 2004) -- Open Wheel Racing Series, LLC, d/b/a Champ Car today announced that it has finalized the acquisition of the assets formerly held by Championship Auto Racing Teams and will now commence with the operation of the Champ Car World Series.

"We are pleased that the deal has finally been completed and that we can shift our focus to the racing," said OWRS partner and Forsythe Racing team owner Gerald Forsythe. "This process has given us a better appreciation of the passion within the Champ Car community and we intend to reward everyone by conducting the finest racing series possible."

The formal agreement has now reached completion, with all parties signing required documents and transferring appropriate contracts to the OWRS. The contracts include those signed with race promoters and selected manufacturers as well as with employees of the series.

"I have been through a number of business dealings in my time," said OWRS partner and PK Racing team owner Kevin Kalkhoven. "But this has been one of the toughest. It took a great amount of work and commitment from a lot of people and we are very pleased with the result."

"We could never have done this deal and kept Champ Car alive without the dedication, cooperation and spirit of everyone involved with the series," said OWRS partner and Rocketsports Racing team owner Paul Gentilozzi. "We are at the threshold of taking the series to a whole new level and we look forward to many great years with the Champ Cars."

The Champ Car World Series will now look ahead to its season-opening Toyota Grand Prix of Long Beach April 18, which will kick off a 2004 campaign that culminates with the awarding of the Vanderbilt Cup to the series champion. Defending series champion Paul Tracy will headline a driver roster that will include drivers from around the world including Adrian Fernandez, Michel Jourdain Jr., Bruno Junqueira and Sebastien Bourdais.

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About this article
Series Automotive , IndyCar
Drivers Bruno Junqueira , Adrian Fernandez , Paul Tracy , Paul Gentilozzi , Gerald Forsythe , Kevin Kalkhoven , Michel Jourdain