CHAMPCAR/CART: CART names new board member

DETROIT (October 1, 2001) - Veteran global investment banker Eugene D. Atkinson has been named to the Board of Directors of auto racing sanctioning organization Championship Auto Racing Teams, Inc. (NYSE: MPH). The announcement was made by CART...

DETROIT (October 1, 2001) - Veteran global investment banker Eugene D. Atkinson has been named to the Board of Directors of auto racing sanctioning organization Championship Auto Racing Teams, Inc. (NYSE: MPH).

The announcement was made by CART Chairman and CEO Joseph F. Heitzler.

"Gene Atkinson is a great addition to an already excellent Board of Directors," said Heitzler. "He has a wealth of experience in the financial industry and his presence will play a significant role as we look to grow CART and our stature as a leader in sports entertainment. Gene and I have worked together in the past and I have always been impressed with his business experience and expertise."

Atkinson currently serves as Managing Partner of RHJ Industrial Partner, which is an affiliation of Ripplewood Holdings, LLC. Ripplewood Holdings is a New York based private equity company operating in Japan through RHJ Industrial Partners L.P. Ripplewood manages over $3 billion of equity capital and has offices in New York and Tokyo with over 40 professionals. The company makes investments in promising firms, proactively participates in management and obtains capital gains by raising corporate value, thus returning gains back to investors such as financial institutions and pension funds. In Japan, Ripplewood is already in the process of revitalizing the former Long-Term Credit Bank of Japan (currently Shinsei Bank) and it intends to invest approximately $1.2 billion of equity capital by 2004.

Prior to joining Ripplewood, Atkinson was a limited partner and Chairman of Goldman Sachs International from 1990 to 1998. He was instrumental in building Goldman Sachs' business throughout Asia and his efforts led to the company securing one of the first seats on the Japan Stock Exchange. He first joined Goldman Sachs in 1972 in Corporate Finance.

"I am looking forward to joining the CART Board and helping to grow our sport," said Atkinson. "I have long been a fan of CART and Champ Car racing. We have some excellent resources on this Board, as well as in the CART Community. All of us, working together, can take open-wheel racing to another level."

Atkinson earned his Master's degree in Business Administration from Harvard University in 1972 and a Bachelor of Science degree from the U.S. Military Academy at West Point in 1966. He served as a captain in the U.S. Army and received a Bronze Star, an Army Commendation Medal for Valor and an Army Commendation Medal for his services in Vietnam.

Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the FedEx Championship Series. The series visits seven countries and four continents during the season and climaxes with the season-ending Marlboro 500 Presented by Toyota on Sunday, November 4 at California Speedway in Fontana, Calif. Thanks to a partnership among Marlboro, Toyota, CART and California Speedway, the winner of the season finale will collect $1 million, one of the largest paydays in all of motorsports. An additional $1 million, as well as the prestigious Vanderbilt Cup, will be awarded to the driver who wins the FedEx Championship Series title.

Champions Michael Andretti, Gil de Ferran and Jimmy Vasser are among the drivers who battle for the FedEx Championship Series title on oval circuits as well as temporary and permanent road courses. CART also owns and operates its top two development series, the Dayton Indy Lights Championship and the Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com.

-CART-

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Series Automotive , IndyCar
Drivers Gil de Ferran , Michael Andretti , Jimmy Vasser