DECEMBER 16, 2003
CART gets an agreement
There will be a CART series in 2004, according to Open Wheel Racing Series LLC. But the CART organization will have to be placed in Chapter 11 bankruptcy before its assets are acquired by OWRS. The assets being purchased include contracts with promoters, sponsors and teams.
The key question now is whether or not OWRS can raise the necessary number of cars to meet commitments in contracts with the promoters. OWRS says that Richard Eidswick will become the chief executive of CART as it goes through the Chapter 11 proceedings. Eidswick is a venture capitalist. He replaces Chris Pook, who has run the business since December 2001.
The new means that CART's shareholders are unlikely to get anything from the business.
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