CHAMPCAR/CART: Derrick Walker confirms Reynard purchase

TORONTO, Ontario, Canada, (July 7, 2002) - Derrick Walker today confirmed the formation of Walker Racing L.L.C., which has acquired the property of and intellectual rights to Reynard North America, and has become the exclusive supplier of Reynard...

TORONTO, Ontario, Canada, (July 7, 2002) - Derrick Walker today confirmed the formation of Walker Racing L.L.C., which has acquired the property of and intellectual rights to Reynard North America, and has become the exclusive supplier of Reynard parts to the CART FedEx Championship Series for 2003 and beyond.

In the new agreement, Walker Racing L.L.C. is continuing to supply parts to each of the competitors that run Reynards in the CART Champ Car series, while ensuring further development of the chassis and related parts.

"We completed the sale two weeks ago and started trading and selling the parts to the teams that are running Reynards," Walker said. "The first major parts that have been developed were on some of the cars last weekend at Chicago. The basic platform of the Reynard is a good one and we realize that CART needs another strong manufacturer in the series. We feel that we can fill that need."

The owner of the team that currently campaigns the #5 Pioneer/Denso Toyota/Reynard/Bridgestone of Tora Takagi, Walker also bought the cache of developmental tools for the Reynards, including the jigs, molds and fixtures that are needed to build and develop parts for the cars in the areas where the rules allow.

He has also enlisted the aid of a cadre of former Reynard Motorsports engineers to help in the development not only of pieces for the current cars, but also for what Walker hopes will be a brand-new car for the new CART rules of 2005. His effort is aided by the chassis freeze that was enacted by CART for the next season, which not only keeps the Reynards on the track for the next two years, it also gives Walker the time to develop an entirely new piece for the 2005 rules.

"Adrian Reynard was a big help in getting through, what for him was a difficult situation I'm sure," Walker said. "This could not have happened, so I owe him and thank him for his support."

Reynard cars have been among the minority this season in the CART series with three teams currently running the chassis, but Walker believes that the new engine rules for 2003-04 will level the playing field - and perhaps tip it a bit more in favor of the Reynards.

"A future reduction in horsepower for 2003 will, in certain conditions, help make the Reynard cars possibly more competitive," Walker said. "So consideration for the new teams joining CART to look at the Reynard car makes a lot of sense. It's a simpler, more reliable and cheaper competitive option. We bought a company that was in bankruptcy so we didn't have the overhead costs to deal with," Walker said. "I believe that this will allow us to offer a competitive package to teams that might be considering joining the series, but are worried about costs."

Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the CART FedEx Championship Series. Former series champions Michael Andretti and Jimmy Vasser are among the stars who will battle for the 2002 FedEx Championship Series title on ovals, temporary street circuits and permanent road courses. CART Champ Cars are thoroughbred racing machines that travel at speeds in excess of 200 miles per hour, showcasing the technical expertise of manufacturers such as American Honda, Ford Motor Company, Toyota, Lola Cars, Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 20-race 2002 CART FedEx Championship Series will be broadcast by new television partners, CBS, FOX and SPEED Channel. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.CART.com.

--CART--

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Series IndyCar
Drivers Michael Andretti , Jimmy Vasser , Tora Takagi