The embattled CART series, which began in 1979, has suffered a loss of teams and sponsors to the rival Indy Racing League since 1996, and became a public company in 1998.
OWRS made an offer to buy the stock of CART for approximately $5 million but that was withdrawn earlier this month. Instead of shareholder approval, OWRS now needs only the consent of the bankruptcy court to purchase CART assets.
"Effective immediately, we're ready to begin work to implement our vision for Champ Car (CART) in 2004 and for many seasons beyond," said Paul Gentilozzi, one of the OWRS partners.
Perera ends Sebring test on top
05/02/2008 AT 16:19
"Our purchase was with the express intent of supporting our teams and sponsors competing now and in the future.
"Therefore, as a show of strength and good faith, Open Wheel has accepted the liability of almost $2.7 million in 2003 prize monies which we will pay to our teams that elect to participate in the 2004 Champ Car season," added Gentilozzi.
Other OWRS partners include Australian-born Kevin Kalkoven, co-owner of PK Racing, and Gerald Forsythe of Forsythe Racing, which fielded a car for 2003 CART champion Paul Tracy of Canada.
"There's been a great deal of speculation about car count for next year," said Gentilozzi.
"We talk to our teams on a daily basis and we're more than confident that we'll have a full field of cars in 2004. In addition, we anticipate new team and driver announcements in the very near future."
The new season is scheduled to begin with the Long Beach Grand Prix on April 18.
Season 2008
Perera ends Sebring test on top
05/02/2008 AT 16:14
Conquest to double ChampCar assault
03/01/2008 AT 14:20