In its third-quarter finance figures the open-wheel racing series saw losses of $34.4m.
It brings net losses for the first nine months of the year to a staggering $77.9m – and a stark pointer as to why the once strong sport is now facing takeover or extinction. In 2002, its first nine month losses were just $13.5m.
Revenues were down on the same period in 2002. The new figures reveal revenues of $18.2m compared to $18.5m. Expenses also rose from $32.2m last year to $53.1m.
Said the statement: “If the proposed merger with Open Wheel is not completed for any reason, and if no strategic transaction that is an alternative to the merger is available to us at that time, it is expected that we will be required immediately to cease our operations, wind up our affairs and seek to liquidate our remaining assets because our cash resources and other sources of liquidity would be substantially depleted by that time.
“In that event, we expect that CART, Inc. and our other subsidiaries would discontinue racing and other operations and commence liquidation.”
See the features section for the full details of the financial findings.
