LANSING, Mich. (Jan 14, 2004) – Open Wheel Racing Series, LLC (‘OWRS’) partners today indicated that they are not concerned by the information that the Indy Racing League (‘IRL’) has recently expressed an interest in the CART, Inc. (‘CART’) assets.
On Dec. 30, 2003, U.S. Bankruptcy Judge Frank J. Otte established a timeline to complete the CART asset purchase proceedings. The court approved the procedure submitted by CART to sell its assets and accepted the OWRS proposal to purchase said assets as a ‘qualified bid.’ Any other parties interested in submitting competing bids must do so no later than Jan. 23, and the court will render a final decision with regard to the OWRS proposal on Jan. 28.
‘My understanding is that the IRL filed and signed a non-disclosure agreement with CART that gives them the right to examine the documents for the CART asset purchase as put forth by the court,’ explained Paul Gentilozzi, an OWRS partner and owner of Rocketsports Racing. ‘It’s not unexpected that other organizations would come forward to review the assets and documents as we’re all in the motorsports business.
‘We’ve spent six months to acquire a thorough understanding of the situation and develop a business plan for the successful operation of the series. We are steadfast in our dedication and commitment to continue the Champ Car World Series for the millions of loyal open-wheel racing fans throughout North America and beyond,’ concluded Gentilozzi.
Said Kevin Kalkhoven, an OWRS partner and co-owner of PK Racing, ‘I doubt that the IRL would put in a bid in order to continue the series. In my opinion, their desire would be to kill it. The result would be many hundreds of Americans out of work, depriving two million fans of the opportunity of watching some of the greatest racing in the world and showcasing a great historical American motor racing series. I would sum it up as the IRL wants to bury – OWRS wants to build; that’s the difference.’
Kalkhoven added, ‘Any offer to acquire specific race assets without assuming all of the contracts as in the OWRS proposal is unlikely to beat the OWRS offer because it would not take on all of the liabilities associated with those contracts.’
The 2004 Champ Car World Series racing season is slated to begin April 18 with its 22nd running of the Toyota Grand Prix of Long Beach. Reigning Champ Car Drivers’ Champion Paul Tracy will return to defend his 2003 Long Beach win.
For more details contact:
Wendy Gabers
Phone: 517-337-2600