Championship Auto Racing Teams announces Entrant Support Program to provide CART teams with value of more than $1.5 million per car. PORTLAND, Ore. (June 16, 2002) - In a landmark program that will alleviate the rising financial burdens on its...
Championship Auto Racing Teams announces Entrant Support Program to provide CART teams with value of more than $1.5 million per car.
PORTLAND, Ore. (June 16, 2002) - In a landmark program that will alleviate the rising financial burdens on its teams, Championship Auto Racing Teams (NYSE:MPH) announced the greatest financial support package in its 23-year history Sunday, introducing an Entrant Support Program that provides its teams with more than $1.5 million in value beginning with the 2003 season.
Following a positive vote of the Board of Directors of Championship Auto Racing Teams, Inc. on Wednesday, the CART Franchise Board ratified the introduction of the Entrant Support Program for its teams, developing a program that will dramatically defray the costs of operation for those teams that commit to a full-season of competition in the CART FedEx Championship Series.
The support comes to the teams from both CART and its new exclusive engine supplier Cosworth Racing and will provide more than $1.5 million in value to those teams that enroll in the program.
"We would like to thank our voting Boards for their assistance in building this new program and we are very pleased with the support that CART has received from Cosworth Racing as well as the rest of its valued partners in building this package," said John Lopes, CART Vice-President of Racing Operations. "We are sure that this program will provide maximum value for our teams and ensure their continued participation in the series. Management is sending a message to our teams that we are serious about keeping them in our paddock and removing the barriers to entry for our new teams."
Assistance comes in the forms of reduction in the costs of engine leasing, freight and travel expenses, tire purchasing, and on-site hospitality parking at events and an increase in race-by-race competitors appearance money. The program also eliminates the charge for three open tests as well as Spring Training testing and also covers the team's season entry fee. The Entrant Support Program, which is limited to 20 teams, is available to current CART franchises as well as new teams.
Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the CART FedEx Championship Series. Former series champions Michael Andretti and Jimmy Vasser are among the stars who will battle for the 2002 FedEx Championship Series title on ovals, temporary street circuits and permanent road courses. CART Champ Cars are thoroughbred racing machines that travel at speeds in excess of 200 miles per hour, showcasing the technical expertise of manufacturers such as American Honda, Ford Motor Company, Toyota, Lola Cars, Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 20-race 2002 CART FedEx Championship Series will be broadcast by new television partners, CBS, FOX and SPEED Channel. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.CART.com.