AUGUST 18, 2003
Open Wheel Racing bids for CART
A new group called Open Wheel Racing LLC has proposed a takeover of CART. The group consists of Gerry Forsythe, Kevin Kalkhoven, Paul Gentilozzi, Carl Russo and Motorock LLC. They have offered a deal which will pay CART shareholders $0.50 per share, which is well below the current market value of $1.87 but they argue that reviving the series will involve the need for major investment in the future and CART is unable to find an alternative form of funding at the moment. The offer must now be put to CART shareholders to see if they will accept the offer.
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