The CART organisation has hired the Wall Street Bear Stearns to help it look at its future options. CART is a publicly traded company but has been struggling in recent years. It has had a major setback this year with its revenues from television and a cutback on sponsorships and sanctioning fees. There has been talk for some months that Bernie Ecclestone may buy the company and put Craig Pollock in charge of operations. Ecclestone and Pollock met with CART chief executive Chris Pook in Montreal. CART has been suffering since the Indy Racing League was created in 1996 with many of the top teams, drivers and sponsors switching to the IRL because of its lock on the biggest open-wheeler event of the year, the Indianapolis 500. source: grandprix.com CART confirms series buy-out The Championship Auto Racing Teams Inc said in a statement that due to financial difficulties that are posing the company, a sale of the championship is a distinct possibility. "The company's management strongly believes in the long range future of the company. However, in light of the financial challenges facing the company; the company has retained the investment banking firm of Bear Stearns & Company, Inc. to assist us in exploring strategic alternatives that may be available to CART; including a possible sale of the company." Bernie Ecclestone - a close friend of CART President Chris Pook - has expressed interest in making CART the stepping stone to Formula 1 and has been linked to cooperate involvement with the series which would benefit both parties. source: f1.racing-live.com
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