LANSING, Mich. (Dec. 17, 2003) -- Effective Jan. 1, 2004, Open Wheel Racing Series, LLC ("Open Wheel") will purchase Trans-Am Racing, LLC ("TAR"), it was announced jointly today by Open Wheel partner Paul Gentilozzi and TAR Executive Director John Clagett. TAR operates the Motorock Trans-Am Tour for the BFGoodrich Tires Cup.

The move follows an announcement made by Open Wheel that it would purchase specific assets, including contracts with promoters, sponsors, and teams, through the planned Chapter 11 bankruptcy process of CART, Inc.

Open Wheel will immediately become involved in the planning of the 2004 Trans-Am Tour, which will herald an alignment of America's premier sedan road racing tour with the world's preeminent open wheel racing series.

"The Trans-Am Tour needed to continue its association with America's premier road racing circuits, and the synergy created by integrating it under the Open Wheel umbrella along with the Champ Car World Series allows us to meet that goal," said Gentilozzi. "Bringing Champ Car and Trans-Am under the same roof will also allow us to best capitalize on both series' strengths, while more effectively managing both."

"This is another positive step for Trans-Am, and we are pleased to join Champ Car under the Open Wheel banner," said Clagett. "Planning for the 2004 season is well underway, and we expect to announce an exciting and ambitious Trans-Am racing schedule the week of Dec. 21."

The Motorock Trans-Am Tour features closed-fendered, production-based, V-8-powered sports cars, competing on permanent road courses, and temporary street and airport circuits throughout North America. The Trans-Am Tour is America's oldest continuously running road racing series and will celebrate its 39th anniversary in 2004.

Motorock is the creation of a popular culture brand that blends the enthusiast markets of cars, stars and guitars. It is a yearly series of destination live events that showcases the excitement of motorsports, music and lifestyle while delivering a unique new form of broadcast entertainment programming.