Future of Champ Car World Series hangs in the balance
source:
autosport.com
The Indy Racing League and Open Wheel Racing Series will today (Wednesday)
begin to battle over the future of American single-seater road racing in a
bidding war for the assets of CART, the bankrupt organisers of the Champ Car
World Series.
If the IRL's bid is successful, Long Beach is the only race that would be picked
up by Indianapolis president Tony George's all-oval series. George is also
reportedly trying to acquire the pool of 100 Cosworth engines that CART bought
and leased to its teams in order to stage the 2003 Champ Car season. By doing
that, George would leave OWRS literally powerless to compete in 2004.
George says the IRL has entered the bidding process in an effort to unify
open-wheel racing. He told the Indianapolis Star that the bidding could
get "frenzied". OWRS principals Paul Gentilozzi, Kevin Kalkhoven and Gerald
Forsythe believe George is trying to kill CART and all three have all publicly
stated that they will not lose the battle to keep the Champ Car and Toyota
Atlantic series alive.
In an asset auction for an American Chapter 11 bankruptcy, the highest bid is
not necessarily the best bid. Judge Frank Otte will first receive a
recommendation from a creditors committee as well as the CART Board of
Directors. CART has announced that it will cease operation if the OWRS bid is
not approved.