Share deal finally confirmed
source: autosport.com
New holding company Open Wheel Racing Series has acquired CART for the cash
equivalent of $0.56 per share and has stated that it intends to continue
sanctioning the Champ Car World Series.
Open Wheel Racing Series is a holding company owned indirectly by a group of
investors including Gerald Forsythe, Kevin Kalkhoven and Paul Gentilozzi. The
agreement follows CART boss Chris Pook's belief that the series needs to be
privatised. Bernie Ecclestone was previously thought to be a potential buyer.
Chris Pook said: "As we have previously disclosed, this past year has been
incredibly difficult for Champ Car. We believe this transaction provides the
best value available to stockholders while at the same time making it possible
for our series to continue in the future. We even considered liquidating the
company, but concluded that after covering all our existing obligations and all
of the liabilities that would be created if Championship went out of business
there would be less left for our stockholders than in this transaction."
Kalkhoven and Gentilozzi stated in a press release: "Champ Car has millions
of people who come to the races and even more follow it on television. Open
Wheel Racing Series intends to fulfil its commitment to these fans by keeping
Champ Car in its current format of ovals, road races and street courses. It is
our intention that Champ Car will be the premier open wheel racing series of the
Americas."