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Teams get behind CART

At least seven say they plan to race next season in the troubled series.

While the financial woes and potential buyout of Championship Auto Racing Teams continue to erode investor confidence, the teams that compete on the circuit continue to plan for a viable and complete 2004 season.

CART's season, likely to be cut back from this year's 19 races, is scheduled to open six months from today with the Feb. 22 Grand Prix of St. Petersburg, and Dale Coyne said his two-car team would be there.

"One-hundred percent," said Coyne, who fields cars for Geoff Boss and Gualter Salles. "We will be there. I think the things that are going on are good and it will come to some sort of finality so people like (the media) have confidence in the future like we have confidence."

Few have exhibited much confidence in the stability of the 25-year-old series recently.

CART, which also owns its top developmental circuit, Toyota Atlantic, reportedly had lost more than $40-million by June and revealed in a regulatory filing that it did not have funds to complete a 2004 season.

A group of current CART team owners formed Open Wheel Racing Series and offered Monday to purchase the flagging circuit for 50 cents a share, or roughly $7.4-million for a company then trading at a worth of about $27-million. The buyout announcement caused CART stock to drop to $1.12 by Thursday's close. The 52-week high is $5.35.

The buyout offer is led by Gerald R. Forsythe (Player's/Forsythe Racing), Kevin Kalkhoven (PK Racing) and Paul Gentilozzi (Rocketsports Racing). According to a CART release, Forsythe owns 3,377,400 shares (22.9 percent) of its common stock. The CART board of directors and shareholders must approve any sale.

Many in CART see the financial mess as growth. Seven teams reached by the Times said plans were under way to field at least one car next year. The other five had not responded to inquiries.

"I think it's just an evolution," said Vince Kremer, team manager for Herdez Competition, which fields cars for Mario Dominguez and Roberto Moreno. "It'll eventually shake out. I've been in this business 18 years and it has changed over the course of time and will continue to."

Francois Cartier, spokesman for Player's/Forsythe, said his team's future will be decided based on the buyout attempt. The team includes points leader Paul Tracy and fifth-place Patrick Carpentier.

The critical element for many teams is more about time than money at the moment as teams scramble to re-sign or acquire new sponsors and drivers. Latching on with a league that eventually collapses wastes valuable time and opportunity for both.

Bruce Kempton, an officer with Mi-Jack Conquest Racing, admitted CART's perceived instability will make it a harder sell.

"The sooner there is a plan that is announced the better," he said. "People talk about it, but whether they commit or not, you do not know the real reasons. But it definitely helps to have a plan."

Team Rahal, which has driver Michel Jourdain Jr., is working under a multiyear deal with Mexican food retailer Gigante and plans to field cars in the top Champ Car series and Toyota Atlantic, team spokesman Brent Maurer said.

"We are playing a waiting game to see what shape this will take, but we're optimistic we will run with them," he said.

The Grand Prix of St. Petersburg, scheduled to be aired live on CBS, again will be run on downtown streets winding through or around Pioneer Park, the Bayfront Center and extending onto runways at Albert Whitted Airport. The event still lacks a title sponsor, which was blamed in part for organizers losing about $1.3-million last year. Lisa Brock, spokeswoman for the Grand Prix, said sponsorships of some kind would be announced in about a month. She said she did "not expect the (CART business) situation in any way shape or form to alter our race."