INDIANAPOLIS, Dec. 16 (UPI) -- The Championship Auto Racing Teams board announced Tuesday it will file for bankruptcy protection in an agreement to keep the series running in 2004.
The CART board of directors has entered into an asset purchase agreement with the Open Wheel Racing Series group. The agreement requires CART to file for Chapter 11 bankruptcy reorganization.
The OWRS, comprised of owners Gerald Forsythe, Kevin Kalkhoven and Paul Gentilozzi, then would purchase assets, including contracts with promoters, sponsors and teams.
The agreement terminates a previously announced merger between CART and OWRS on Sept. 10.
CART was the world's pre-eminent open-wheel circuit until 1996, when Indianapolis Motor Speedway President Tony George launched the Indy Racing League. With the Indianapolis 500 as its centerpiece event, the IRL slowly, but steadily, began eclipsing CART in popularity.