"Although CART has declined to sign the letter of intent, it is engaged in negotiations regarding a possible transaction," said the statement issued by chief financial officer Thomas L. Carter.
Those involved in Open Wheel Racing include existing CART team owners Jerry Forsythe (Players Forsythe Racing), Kevin Kalkhoven - Craig Pollock's partner in PK Racing - and Paul Gentilozzi (Rocketsports).
Carl Russo of the RuSports Team, racing in the Toyota Atlantic Series, and Motorock LLC were also part of the group.
CART
Perera ends Sebring test on top
05/02/2008 AT 16:19
CART stock, which first traded at $20 a share in 1998 and hit a high of more than $30 in 1999, closed at $1.83 on Friday on the New York Stock Exchange.
CART said in June that it believed it had sufficient funding for the rest of the season and 2004.
Season 2008
Perera ends Sebring test on top
05/02/2008 AT 16:14
CART
Conquest to double ChampCar assault
03/01/2008 AT 14:20