CART considering buyout

The embattled CART series said on Monday it had received a buyout offer from a group of investors that included several team bosses. Championship Auto Racing Teams Inc said in a statement that Open Wheel Racing Series, a holding company, had offered to buy its outstanding stock for 50 cents per share.

Eurosport

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"Although CART has declined to sign the letter of intent, it is engaged in negotiations regarding a possible transaction," said the statement issued by chief financial officer Thomas L. Carter.

Those involved in Open Wheel Racing include existing CART team owners Jerry Forsythe (Players Forsythe Racing), Kevin Kalkhoven - Craig Pollock's partner in PK Racing - and Paul Gentilozzi (Rocketsports).

Carl Russo of the RuSports Team, racing in the Toyota Atlantic Series, and Motorock LLC were also part of the group.

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CART stock, which first traded at $20 a share in 1998 and hit a high of more than $30 in 1999, closed at $1.83 on Friday on the New York Stock Exchange.

CART said in June that it believed it had sufficient funding for the rest of the season and 2004.

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