OCTOBER 25, 2003
CART dumps European events
CART is giving up on Europe but aims to be in South Korea in 2004. Kevin Kalkhoven, one of three CART team owners who are leading Open Wheel Racing in its bid to buy CART, says that if the deal goes through CART will go to Korea in order to split the travel costs involved in racing in Australia. Kalkhoven says that there are no plans to go back to Europe. The takeover of CART should be completed if all goes to plan, in December. The shares are currently trading at $0.55 which is under the bid price of $0.57 which Open Wheel is offering and the intention then is to de-list the company from the New York Stock Exchange.
"Our focus is in the Americas, North and South, and the Pacific Rim," Kalkhoven told the Associated Press. "Going to Europe into the heartland of Formula 1 is not the smartest thing we could do. We're going to take it steady. We're doing one more Pacific event, in Seoul. We've already got the government backing with all the assistance of the city of Seoul."
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