SEPTEMBER 13, 2002
CART has voted to change its statutes to allow Gerald Forsythe to increase his ownership of the series to 23%. Until recently it was impossible for anyone to hold more than 15% of the business.
Although the company says there are no plans for the business to be taken over, the change is a move towards a situation in which CART could be taken private again and remove itself from the New York Stock Exchange. This will make it much easier for CART to be run in a flexible manner - without having to worry about the reaction of shareholders.
Forsythe has been at the forefront of the moves to keep CART alive, including a recent bid to hire Jacques Villeneuve for the 2003 season.
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