CHAMPCAR/CART: CART Buys Pro-Motion Agency

(April 13, 1998) -- Championship Auto Racing Teams, Inc., (NYSE: OPW) announced today that it has acquired Pro-Motion Agency, Ltd., the company that owns and operates the KOOL/Toyota Atlantic Championship open-wheel racing series. ...

CHAMPCAR/CART: CART Buys Pro-Motion Agency

(April 13, 1998) -- Championship Auto Racing Teams, Inc., (NYSE: OPW) announced today that it has acquired Pro-Motion Agency, Ltd., the company that owns and operates the KOOL/Toyota Atlantic Championship open-wheel racing series. This purchase of Pro-Motion and the Toyota Atlantic series is CART's second acquisition of a support racing series in the last month (the sanctioning organization obtained the PPG Dayton Indy Lights Series on March 12). It is the latest move made by CART to establish a more clearly defined ladder system for both drivers and fans of Championship Car racing in North America. "One of the objectives in taking Championship Auto Racing Teams public was to generate resources that would allow us to establish a well-defined, effective ladder system which provides drivers with a clear progression for their careers, with the ultimate goal of racing in the FedEx Championship Series," said CART Chairman and CEO Andrew Craig. "The acquisition of the KOOL/Toyota Atlantic Championship will help us to achieve this goal. "For too long here in North America, drivers have not had a defined path to the top levels of open-wheel racing. Also, it has not been clear where fans should watch to see the developing stars of tomorrow. With today's announcement, it is becoming increasingly evident that the road to the leading open-wheel race series in America goes through Toyota Atlantic and Indy Lights." Toyota Atlantic cars are powered by 1.6-liter, four cylinder, 225-horsepower Toyota engines. Chassis in the series are manufactured by either Swift or Ralt. The KOOL/Toyota Atlantic Championship is comprised of 12 races in 1998, the first of which was conducted as part of the April 3-5 Toyota Grand Prix of Long Beach. Several drivers in the FedEx Championship Series have experience in Atlantic cars. Californian Alex Barron won the 1997 Toyota Atlantic series title and joins ex-Atlantic drivers Michael Andretti, Patrick Carpentier, Richie Hearn, Bobby Rahal and Jimmy Vasser in Champ Car racing.

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