Bankruptcy Judge Awards CART, Inc. Assets to Open Wheel Racing Series. LANSING, Mich. (Jan. 28, 2004) -- With today's decision in U.S. Bankruptcy Court in Indianapolis by Judge Frank J. Otte, Open Wheel Racing Series, LLC ("OWRS") will...
Bankruptcy Judge Awards CART, Inc. Assets to Open Wheel Racing Series.
LANSING, Mich. (Jan. 28, 2004) -- With today's decision in U.S. Bankruptcy Court in Indianapolis by Judge Frank J. Otte, Open Wheel Racing Series, LLC ("OWRS") will immediately take over operations of the Champ Car World Series. Judge Otte ruled the bid submitted by OWRS partners Paul Gentilozzi, Kevin Kalkhoven, and Gerald Forsythe was the best option for all concerned parties.
The ruling means OWRS acquires all assets of the Champ Car World Series, including all race-related equipment as well as the race contracts with various promoters. In effect, the ruling guarantees North America's premier open-wheel racing series will compete in 2004 and beyond.
The final 2004 race schedule, television plans, and team, driver, and sponsorship announcements will be forthcoming throughout the next two months. The series anticipates an 11th consecutive season of drawing more than 2.2 million spectators -- a streak unmatched in North American open-wheel racing.
"We're extremely pleased Judge Otte agreed with the recommendations of Championship Auto Racing Teams and the Creditors' Committee, and allowed us to preserve what we believe is the finest racing series in the world," said Gentilozzi. "We will make the most of this opportunity and will ensure Champ Car teams, drivers, partners, and fans are never again subjected to a situation like this."
Kalkhoven was equally delighted, "None of this would have been possible without the unbridled support of our valued race promoters and team owners that stuck with us through all the IRL's much-publicized machinations, or without the fervent support of the fans," explained Kalkhoven. "Every supportive letter and e-mail we received strengthened our desire to resolve this matter properly. We are all acutely aware of the responsibility we now bear for the Champ Car community and we, along with everyone else in the series, will strive to exceed our expectations every day."
Said Forsythe, "I'm just glad all this is over and we can get back to the business of what we do best, and that's giving our many fans the kind of racing they've come to expect from the Champ Car World Series."
Preparations continue for the 2004 season, which begins April 18 with the crown jewel of North American racing, the Toyota Grand Prix of Long Beach. Defending series champion Paul Tracy of Forsythe Racing will lead a pack of the world's top talent in the chase for the Vanderbilt Cup, which is awarded to the series champion.