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Friday, January 23, 2004

IRL throws wrench into
bankrupt CART's plans


Digest

The Associated Press

INDIANAPOLIS - The Indy Racing League on Thursday submitted a bid to buy some of the assets of the bankrupt Championship Auto Racing Teams, the rival open-wheel racing series that a group of CART team owners plans to buy.

The IRL's competing bid, which further clouds CART's immediate future, was submitted to CART attorneys and creditors about 16 hours before today's bid-submission deadline set in CART's Chapter 11 case.

IRL spokesman Fred Nation declined to say what specific assets the IRL is seeking to buy - such as equipment and sponsorships- or for how much money.

CART and its creditors are expected to weigh the IRL's bid against the competing offer from Open Wheel Racing Series LLC and submit a recommendation to U.S. Bankruptcy Judge Frank J. Otte on which to accept, Nation said. A court hearing is scheduled for Wednesday.

The IRL bid came hours after OWRS principals accused the IRL of fostering mistrust in open-wheel racing by considering a bid.

CART, which filed for Chapter 11 bankruptcy protection last month, has agreed to sell all its assets to Open Wheel Racing for $1.6 million in cash. Because the proposed sale also calls for Open Wheel to assume some liabilities, including 2003 prize money owed to teams, the total purchase price would be about $3 million.

"The IRL's late-game involvement and its admission that it is not prepared to go road racing in 2004 has awakened years of mistrust and anger for the breach in open-wheel racing," said Paul Gentilozzi, owner of CART's Rocketsports Racing team and one of three principal partners of OWRS.

Gentilozzi said his group has letters of intent from teams representing at least 18 cars, a television package and a schedule of at least 15 races this season.

NASCAR: Series officials hope to install so-called soft walls at most tracks by 2005, with Daytona and Talladega adding them this season. The barriers absorb impact and reduce G-force to the drivers in a crash.

Hockey

LIGHTNING 3, OILERS 2: Vincent Lecavalier scored a goal and added an assist to lead Tampa Bay.

FLAMES 4, PREDATORS 0: Shean Donovan and Matthew Lombardi each scored twice for Calgary.

SENATORS 6, PENGUINS 5: Martin Havlat and Peter Schaefer each scored twice and Marian Hossa had three assists for Ottawa.

BLACKHAWKS 7, BLUE JACKETS 0: Craig Anderson made 30 saves for his first NHL victory and shutout.

SABRES 3, BRUINS 2: Miroslav Satan scored two late goals for Buffalo.

AVALANCHE 1, THRASHERS 1: Pasi Nurminen made 20 saves and Atlanta held Colorado's NHL-leading power play scoreless.

FLYERS 4, RANGERS 2: Philadelphia snapped a 3-for-35 power-play slump with goals from Mark Recchi and John LeClair.

BRUINS: Captain Joe Thornton had surgery on his broken right cheekbone and will miss at least two more games.

FLYERS: The team acquired defenseman Mattias Timander from the Islanders for a seventh-round pick in this year's draft.

Swimming

MOSES WINS AGAIN: American Ed Moses won the 100-meter breaststroke at Moscow, completing a sweep of nine events in three World Cup short-course meets. Moses, 23, won in 59.33 seconds, 0.17 ahead of Roman Sludnov of Russia.

Moses, who holds the 100 and 200 breaststroke world records, hopes to challenge them at the New York World Cup meet this month.

"If I go home and feel better and get some rest, I think I'm going after the world records in New York," he said.




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