INDIANAPOLIS, IND., December 17, 1996 -- Tony George, president of the Indianapolis Motor Speedway and founder of the Indy Racing League, said today that he is "extremely pleased with the settlement of litigation involving use of the 'IndyCar' trademark."

"We are all extremely pleased that this litigation has come to an end with agreement among the parties, and that the issue of who has the right to use the term 'IndyCar' has been resolved," George said. "Beginning in 1997, the CART series name will not include 'IndyCar'.

"As we embark on the second season of the Indy Racing League, it will be clear to sponsors, fans and the general public that 'Indy' cars are the cars that participate in the Indianapolis 500," George said.

Under terms of the agreement, CART will cease use of the term "IndyCar."

Leo Mehl, executive director of the Indy Racing League, hailed the move as "good for the parties and good for the sport in general. Nobody likes litigation, especially our fans. Now we can concentrate all of our attention where it really belongs, the 1997 racing season, and both CART and the Indy Racing League can move forward."

The end of all litigation was announced Tuesday in a joint statement from the Indy Racing League, Championship Auto Racing Teams, Inc., United States Auto Club, Indianapolis Motor Speedway Corporation, Penske Racing, Inc., A.J. Foyt, Fittipaldi U.S.A., and others.

The terms of the settlement agreement were not disclosed and the litigation was resolved without the admission of fault or liability by any party.