CART and IMS Litigation Ended
DETROIT and INDIANAPOLIS (Dec. 17, 1996) -- Litigation among Championship Auto Racing Teams, Inc. (CART), Indy Racing League (IRL), United States Auto Club (USAC), Indianapolis Motor Speedway (IMS), Penske Racing, Inc., A.J. Foyt and others, has ended, according to a joint announcement by Tony George, President of the Indianapolis Motor Speedway; Leo Mehl, Executive Director of the IRL; Andrew Craig, CART President; and Roger S. Penske, Chairman of Penske Corporation. The terms of the settlement agreement were not disclosed and the litigation was resolved without any acknowledgment of fault or liability by any party.
Litigation between Fittipaldi U.S.A., Inc. and IMS in federal courts in Miami, Fla. and Indianapolis, Ind., has not been resolved.
The License Agreement between IMS and CART with respect to the "IndyCar" trademark has terminated by agreement of the parties, and the CART Series name beginning in 1997 will not include "IndyCar." CART will make a separate announcement regarding its trade name and business logo.
Messrs. George, Craig, Mehl and Penske said that they were pleased to have concluded most of the litigation. They specifically noted that race fans have expressed their desire for the litigation and conflict between the organizations to end. CART and IRL each look forward to an exciting 1997 racing season.