INDIANAPOLIS, Jan. 13 (UPI) -- Indianapolis' Indy Racing League is considering a bid to buy its financially troubled rival, Championship Auto Racing Teams.
Senior IRL officials inspected the racing assets of CART Friday and have until Jan. 23 to make an offer to the U.S. Bankruptcy Court in Indianapolis, the Indianapolis Star reported Tuesday.
A purchase by IRL could end the split in open-wheel racing created when Indianapolis Motor Speedway President Tony George started IRL in 1996. CART was formed in 1979 and filed for Chapter 11 bankruptcy last month.
A group known as the Open Wheel Racing Series has made an offer to buy CART and continue the series, and Judge Frank Otte is scheduled to review all bids in a sales hearing Jan. 28.
But it is unclear whether the accepted bid will be the highest bid if the IRL decides it only wants to purchase part of the assets, such as event contracts, which include road course races the IRL desires.
Open Wheel Racing Series has agreed to buy all of CART's assets for $1.6 million.
