After months of uncertainty, the judge rejected the IRL’s $13.5m bid – and instead awarded the assets to the Open Wheel Racing Series, the group which since before Christmas has been handling the day-to-day operations of the series.
It took control after CART opted for bankruptcy protection, following the failure of the original bid by OWRS, which came unstuck because of conditions over the number of cars taking part this year were breached.
OWRS, whose principals include Forsythe, Kevin Kalkhoven and Paul Gentilozzi, will snap up the assets needed for the 2004 season for $3.2m.
All contract responsibilities will be taken over by OWRS – a move designed to prevent any possible legal issues arising from the takeover.
Said Kalkhoven: “Let's go race, and let's get out of the courtroom."
