Columnist Brian Hilderbrand: Buyout of CART stalls; series still in limbo

Wednesday, Dec. 3, 2003 | 10:05 a.m.

Brian Hilderbrand covers motor sports for the Las Vegas Sun. His motor sports notebook appears Friday. He can be reached at bh@lasvegassun.com or (702) 259-4089.

The pending buyout of CART by Open Wheel Racing Series LLC hit a snag Tuesday when representatives from OWRS informed CART that a number of conditions of the original proposal would not be met by the time CART shareholders vote on the merger in two weeks.

"(CART) has considered OWRS' position and believes that it is unlikely that the condition requiring the absence of a material adverse effect will be satisfied because it expects that there will be a net decrease in the number of teams planning on participating in the series for the 2004 season from the number that participated in the 2003 season," CART said in a statement issued Tuesday night.

Open Wheel Racing Series offered an alternative proposal later in the evening in which the group, which is headed by current CART owners Paul Gentilozzi, Kevin Kalkhoven and Gerald Forsythe, would acquire certain assets of CART in an effort to keep the series racing next season.

"This proposal will allow OWRS to acquire the assets necessary to continue the CART racing tradition into 2004," Gentilozzi said. "OWRS expects to retain a sufficient number of cars to meet CART's contractual obligations with our race promoters.

"OWRS plans to maintain and ultimately expand the CART racing series in the Americas and throughout the world. While OWRS is disappointed that the previously announced transaction appears no longer feasible, it remains committed to the CART racing series."

CART said it was reviewing the new proposal but that its "board of directors is evaluating available alternatives to the merger, including the possibility of ceasing operations, winding up the Company's affairs and liquidating its remaining assets."

CART and OWRS previously announced their intentions to stage a race at Las Vegas Motor Speedway next May.

Brack on Monday was transferred to Dodd Hall Rehabilitation Center in Columbus after spending nearly six weeks in Indianapolis' Methodist Hospital and the Rehabilitation Hospital of Indiana.

Brack, the 1998 IRL champion and 1999 Indy 500 winner, suffered a fractured right thighbone, a fractured sternum, a fractured lumbar vertebra and fractures to both ankles. Brack had surgery Oct. 12 and Oct. 13 at Dallas' Parkland Hospital and had follow-up back surgery Nov. 4 at Methodist Hospital.

"I can tell you that I feel I am getting stronger every day," Brack said in a prepared statement. "I was ecstatic the other day when the leg doctor came in and said 'your bones are healing faster than what we expected and you can start walking on your left leg tomorrow.' Since then I have walked nearly every day."