The Indy Racing League filed its bid to purchase selected assets of bankrupt Championship Auto Racing Teams, an IRL spokesman confirmed source: indystar.com - Curt Cavin The spokesman did not disclose what the IRL sought in the proceedings, but he said it was assets that did not have legal entanglement. "We're confident, based on our research, that there is no entanglement on what we are bidding on," Fred Nation said. Nation called Tony George's offer "substantial." He did not elaborate. Bids are due to CART on Friday. There is at least one other bidder in addition to the Open Wheel Racing Series that has already made a $1.6 million offer. An OWRS principal told The Star today that his group will prevail and keep the Champ Car series alive for the 2004 season and beyond. CART, which filed for Chapter 11 bankruptcy protection last month, already had agreed to sell all its assets to Open Wheel Racing Series LLC for $1.6 million in cash. Because the proposed sale also calls for Open Wheel to assume some liabilities, including 2003 prize money owed to teams, the total purchase price would be about $3 million. IRL, an oval-racing series that broke away from the established CART series in 1996, began examining the CART equipment and contracts two weeks ago.
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