IRL loses in bid for CART

Tony George's bid to put his main competitor out of business failed Wednesday when a U.S. Bankruptcy Court judge approved the sale of bankrupt Championship Auto Racing Teams to a group intent on keeping the series alive.

George began the day hoping to make his Indy Racing League the only game in town. He ended it a gracious loser after his $13.5 million bid was rejected by Judge Frank J. Otte at the end of a daylong hearing in a packed courtroom at the Birch Bayh Federal Building and Courthouse.

Moments after Otte rendered his verdict, evoking cheers from many in the audience of about 90, George approached Paul Gentilozzi, one of three partners in the Open Wheel Racing Series group whose bid was accepted, and offered his congratulations.

"I wish them well," George said while surrounded by media on the front steps of the courthouse. "They're going to have a big job. . . . It wasn't our day. Today, it was their day."

"It was a tough deal. We knew all along what we believed," Gentilozzi said. "It keeps this alive and it shows the series has significant value."

The decision means CART, started in 1979 and taken public in 1998, will live on as a private company with new ownership and a new name. It will continue to be headquartered in Indianapolis, just a few miles north of the Indianapolis Motor Speedway and the offices of the IRL, its chief rival since 1996.

George approached Paul Gentilozzi, one of three partners in the Open Wheel Racing Series group whose bid was accepted, and offered his congratulations.

"I wish them well," George said while surrounded by media on the front steps of the courthouse. "They're going to have a big job. . . . It wasn't our day. Today, it was their day."

Thanks for posting this.

I'm surprised at the "friendly" atmosphere. Gentilozzi had been spitting nails ever since the IRL decided to "bid" on "selected" CART assets. After, of course, giving Gentilozzi indications that he wouldn't bid. Said it to his face, no less. Gentilozzi then said Mr. George was not the most "Trustworthy" of individuals! Before the "bid," Gentilozzi had been walking around saying that Mr. George hadn't been given the "respect" due him and Unification was "OK" with him.

I've been a CART fan ever since the USAC split and I've watched what has happened Open Wheel Racing in the US since Mr. George started the IRL in the 90's. I try to make three or four races a year.

If you haven't been to see a CART or OWRS (or whatever they are calling themselves these days) race, try to attend. Buy a Paddock Pass and you'll be reminded of NASCAR in the old days. I've never had an Autograph or Picture request refused, a silly question go unanswered (Last One? Do Champ Cars have Metric or SAE fasteners? Answer--They have both.) and the "Management" goes out of their way to make it a fun time for all.

And if OWRS fails, my wife will have the excuse needed to make LegoLand or WallyWorld or some such our Vacation Destination. She's a bigger CART fan than I am and won't go to ANY race sponsored by Mr. George.

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