JUNE 17, 2003
CART is up for sale
The CART organization has hired the Wall Street Bear Stearns to help it look at its future options. CART is a publicly traded company but has been struggling in recent years. It has had a major setback this year with its revenues from television and a cutback on sponsorships and sanctioning fees. There has been talk for some months that Bernie Ecclestone may buy the company and put Craig Pollock in charge of operations. Ecclestone and Pollock met with CART chief executive Chris Pook in Montreal.
CART has been suffering since the Indy Racing League was created in 1996 with many of the top teams, drivers and sponsors switching to the IRL because of its lock on the biggest open-wheeler event of the year, the Indianapolis 500.
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