It follows confirmation earlier this week that a drop in the number of teams set to line-up on the grid next season will be below that of a condition stipulated in the takeover plans of Gerry Forsythe and the Open Wheel Racing Series (OWRS).
It now means CART looks certain to declare itself bankrupt, with the OWRS snapping up what it needs to stage the season shortly afterwards.
According to the general manager of Australia’s Lexmark Indy 300 race, an extraordinary CART board meeting will be held next week to approve the new proposal.
Said Ashworth, after talks with Kevin Kalkhoven, one of the principals in OWRS: “Everything is full steam ahead for 2004. I spoke with Kevin Kalkhoven yesterday and he remained adamant there would be a series in place for 2004.
“The Open Wheel Racing Series partners previously indicated that the Lexmark Indy 300 will be a ‘jewel in the crown’ of the series once the acquisition is complete.
“We look forward to working with OWRS to continue the success of the Lexmark Indy 300 and also re-establish the Champ Car World Series as a dominant force in open wheel racing in 2004.”
OWRS partner Paul Gentilozzi said the new proposal would allow OWRS to acquire the assets necessary to continue the CART racing tradition into 2004.
“OWRS expects to retain a sufficient number of cars to meet CART's contractual obligations with our race promoters,” said Gentilozzi.
“OWRS plans to maintain, and ultimately expand the CART racing series in the Americas and throughout the world.”
Ashworth said the new deal being offered to CART would allow OWRS to take ownership of the series and the race contracts much faster.
“This is positive news on a number of fronts. Once the administrator approves the offer by OWRS, all existing race contracts including the Gold Coast will immediately be assumed by OWRS with no renegotiations necessary.
“All teams, sponsors and promoters can then get to work on the 2004 series much earlier than if the December 19 stockholder vote went ahead. This new offer could actually expedite the whole acquisition process.”
The Lexmark Indy 300 on the Gold Coast is one of CART’s big success stories outside of the US, attracting a record four-day crowd of 306,184 this year.
