Champ Car files for bankruptcy

[EJ25RUN]

http://www.blogsmithmedia.com/www.autoblog.com/media/2008/03/champcar_logo07.jpg

From Autoblog

The fallout from the Indy Car/Champ Car merger has begun to rear its ugly head. First, superpower team Forsythe Racing announced its departure from the scene. and now Champ Car has officially filed for bankruptcy. The disruption of the scheduled 2008 Champ Car season leaves contracts broken and bills to pay, but no event revenue to balance the budget. Bankruptcy court papers reveal that the dying series has a multitude of creditors knocking on its door. One of these is engine supplier Cosworth, which is seeking payment of $1.825 million. The compounded liabilities must add up to quite a hefty sum if the series is still in the negative even after the IRL's purchase of Champ Car's major assets. As part of the deal, Tony George is shoveling out $6 million for mobile support facilities along with a total of $4 million for the promotion and production of the 2008 Long Beach Grand Prix. Once the filing passes through court, the final edition of the contract between Indy Car and Champ Car can be inked.

[Lucient]

I knew this would happen soon. The majority of American audiences are only interested in racing in a straight line or in an oval.

[LQQKITZME]

I knew this would happen soon. The majority of American audiences are only interested in racing in a straight line or in an oval.

+1

[speedminded]

I knew this would happen soon. The majority of American audiences are only interested in racing in a straight line or in an oval.
+1Champ car merged with Indy meaning there will be no more Champ car races or revenue made from them. It has nothing to do with America's choice to watch Nascar or drag racing, they were bought out by Indy BUT still have contracts to fulfill with engine and car building companies, promotions, etc.

Indy and Champ have been fighting/competing against each other for years instead of working together as one big series, this merger should be for the good.

[Lucient]

Im speaking of the comparison between champcar and indycar. Champ cars raced on mostly road courses and maybe 4 ovals (California, Michigan, Milwaukee and homestead are the first to come to mind) and The IRL mostly raced on ovals. I personally liked champ car back when Alex Zanardi raced and more recently when Juan Montoya ran away with it in 1999.

[Elbow]

I knew this would happen soon. The majority of American audiences are only interested in racing in a straight line or in an oval.

I dont think it has to do with that, it's just a boring series ;) ALMS is doing good and Grand Am

[dazn]

The first couple of years will be ****ed up, especially this year, but hopefully it should work out in the end. American open wheel is dying quickly, would love to see it come back. Although ALMS is growing so at least there is still some sort of racing in america that doesnt involve turning left all the time or using arhaic technology or riding around on bumpstops :rolleyes: