CHAMPCAR/CART: 2006 Beijing race promoter signed

CHAMP CAR ANNOUNCES SIGNING OF MOU WITH BEIJING STATE ASSETS MANAGEMENT COMPANY FOR 2006 RACE IN BEIJING CHINA. Late yesterday, in what can only be described as a historic moment for a U.S. based racing series, Champ Car World Series...

CHAMP CAR ANNOUNCES SIGNING OF MOU WITH BEIJING STATE ASSETS MANAGEMENT COMPANY FOR 2006 RACE IN BEIJING CHINA.

Late yesterday, in what can only be described as a historic moment for a U.S. based racing series, Champ Car World Series officials led by Series Co-Owner Kevin Kalkhoven and Team Owner Paul Newman signed a Memorandum of Understanding (MOU) with (BSAM) Beijing State-owned Asset Management Company Chairman Li Aiqing as the prospective promoter for a Champ Car race in Beijing China starting in 2006.

Last month Champ Car announced the first step towards securing a race in Beijing by signing an agreement with the Beijing Auto and Motor Sports Association which is the only Beijing Government designated agency allowed to approve races for Beijing. Champ Car also identified Goldenport Motor Park as the location for the race up to the 2008 event. Goldenport is the first national privately-owned race circuit in China.

Team Owner Paul Newman, who to the delight of those in attendance ceremonially signed the MOU for Series Co-Owner Kevin Kalkhoven, said; "This is a magnificent day for the Champ Car and great example of the vibrancy and health of the World Series. We have a new and dynamic partner in Beijing State Asset Management Company and look forward to working with them on bringing the excitement of Champ Car racing to the Chinese public."

BSAM Chairman Li Aiqing stated, "Beijing will be hosting the 2008 Olympics and the Beijing Auto and Motor Sports Association who earlier signed an MOU with Champ Car, both officially communicated for BSAM to proceed with this Champ Car MOU as a means of bringing strategic world class sporting events to the City of Beijing. Specifically, we are working with the Beijing Sports Bureau to build Beijing into the sports capitol of China and to be recognized world wide as a leader in hosting international sports events. We believe the Champ Car World Series will provide Beijing and China with a platform for tremendous worldwide exposure leading up to the 2008 Olympics. The race will also allow BSAM to leverage our investments in the Olympic facilities by integrating the race into the Olympic Park for the years after the Olympics. Finally, we believe Champ Car will be a great, long term partner for BSAM, our prospective sports subsidiary and the City of Beijing"

BSAM will act as the holding company for a new subsidiary tasked with managing and promoting world class events for Beijing.

Series Co-Owner Kevin Kalkhoven commented: "This is the next major step in the Champ Car strategy to bring open wheel racing to the Pacific Rim markets. BSAM lead by Chairman Li Aiqing is a dynamic company focused on growing business relationships through investments in China. The business to business possibilities are endless and will yield tremendous sponsorship opportunities for the Beijing event, our team owners and the Series. Companies from around the world desiring to expand their brands into Beijing and China now have a vehicle in Champ Car to do so. We are honored to have BSAM as a new Champ Car partner and look forward to a long and mutually beneficial relationship for years to come."

Champ Car executives have been working over the last year on establishing new footholds in the Pacific Rim markets. Ansan, Korea will be holding their first race this year in October followed by the traditional blockbuster event at Surfers Paradise in Australia.

Champ Car President Dick Eidswick commented; "This is a huge day for Champ Car and just another indication of the positive strides being made by our organization to reenergize our series. The Beijing race is another major step as we build our balanced schedule of U.S. and international races. Our company is energized by the news."

RuSPORT's number 10 Car driven by 2004 rookie of the year A.J. Allmendinger will be featuring the Beijing 2006 logo on the side of his car for today's race, signifying the new relationship. RuSPORT owner Carl Russo said; "we are thrilled with the opportunities that will present themselves through this new partnership with BSAM and the City of Beijing. We are also honored to have been chosen to have the Beijing 2006 logo on A.J.'s car. I know A.J. will do his best to show Beijing in a positive light for China."

-ccws-

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Series IndyCar
Drivers Paul Newman , Carl Russo , Kevin Kalkhoven