Court awards assets to a group of competing team
source:
f1.racing-live.com / Source GMM / CAPSIS International
US-based open-wheeler series Champ Car will remain F1's trans- Atlantic rival
in 2004 after a bankruptcy court awarded the assets to a group of competing
teams.
CART's own series-rival, the oval-based Indy Racing League, also made a bid for
the embattled Champ Car assets which would have ceased the road-racing category.
Judge Frank Otte ruled that the aforementioned group of CART team owners - named
'Open Wheel Racing Series - won despite the competitive $13.5m bid by the IRL.
IRL chief Tony George, also president of the Indianapolis Motor Speedway, said
his series' failed bid was aimed at 'unifying' American open-wheel racing.