CHAMPCAR/CART: IRL: Bidding for CART assests has started

The bidding for the CART assests began in earnest at the Birch Bayh Federal Building and Courthouse in Indianapolis, Indiana after the court recess once Judge Frank Otte ruled that the Championship Auto Racing Teams, Inc. Chapter 11 Bankruptcy...

The bidding for the CART assests began in earnest at the Birch Bayh Federal Building and Courthouse in Indianapolis, Indiana after the court recess once Judge Frank Otte ruled that the Championship Auto Racing Teams, Inc. Chapter 11 Bankruptcy will proceed.

Otte allowed the Indy Racing League request to bid for the CART assets, as well as the already approved Open Wheel Racing Series.

The IRL and OWRS representatives and attorneys have convened in separate rooms to make final bids after over one hour of analysis on the asset items in the courtroom.

Early rumours were verified that the IRL would bid on the current Champ Car Cosworth engines, that bid has been withdrawn. However, the IRL bid of over three million dollars still exist as they hope to take over some of the CART contracts, most notably current race tracks including the Long Beach Grand Prix event.

OWRS initial bid was near the two million dollar mark, mainly to hold existing contracts that CART holds plus to pay off all liabilities, they have since increased the amount of their original bid.

According to sources at the courthouse, the presiding judge is very firm in resolving the issue today, "We're going to decide it and we're going to decide it today," Otte stated.

Motorsport.com will continue to monitor the proceedings and will update as the day continues. John Humason will have a complete wrap up of the day later tonight.

Earlier story may be viewed at:
Judge Otte rules to allow IRL, OWRS to bid

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Series Automotive , IndyCar