CART considering buyout

ByReuters

Published 18/08/2003 at 16:18 GMT

The embattled CART series said on Monday it had received a buyout offer from a group of investors that included several team bosses. Championship Auto Racing Teams Inc said in a statement that Open Wheel Racing Series, a holding company, had offered to buy its outstanding stock for 50 cents per share.

"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.

Long Beach

ChampCar says goodbye

00:00:00

21/04/2008 at 07:13

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

Power and Servia in IRL move

13/03/2008 at 03:00

CART

Forsythe Racing to shut up shop

29/02/2008 at 19:21

Season 2008

Forsythe to close doors

29/02/2008 at 19:17

Join 3M+ users on app

Stay up to date with the latest news, results and live sports

Download

Scan me