IRL to make bid???????????

indycool · 12 Jan 2004, 21:36 (Ref:835912)

http://www.autoweek.com/cat_content...._code=02428703

The Snout · 12 Jan 2004, 21:39 (Ref:835917)

Is there anything new in this article ? Just says they 'could' and are 'looking', nothing concrete. Another 10 days before we'd truly know anything new.

GP Racer · 12 Jan 2004, 21:51 (Ref:835931)

Well, that article should certainly stir the pot!

I don't think anyone will be surprised at this. OWRS has been uncharacteristicly quiet lately, so that can only mean that things are busy behind the scenes. The projected upcoming bid on the 28th, may well be an announcment of another type.

Havn't seen it anywhere else yet...

**GTRMagic** · 12 Jan 2004, 22:13 (Ref:835954)

This was around previously, straight after the announcement that CART was to be given 4 weeks to find other suitors, 88 Corp (which for all intents and purposes is the same group as manages the IRL) complained they couldnt complete due diligence in time....

It will be a spoiler bid if anything....

sgw2 · 12 Jan 2004, 22:14 (Ref:835956)

Paul Gentilozzi did say he wanted to merge CARt with his friend Tony George's IRL. Perhaps he has succeeded in his lobbying efforts.

Dov · 12 Jan 2004, 22:20 (Ref:835965)

I thought 88 Corp was involved with NASCAR (the France family), not the IRL!?

The Snout · 12 Jan 2004, 22:25 (Ref:835972)

The rumour was going around Dov that TG had an involvement in the 88 corp 'potential' but yet to be seen bid.

indycool · 12 Jan 2004, 22:49 (Ref:835996)

Well, we're going to see all kinds of speculation on it. The "if," "when" and "what" factors won't be known for awhile.

zerO · 13 Jan 2004, 02:00 (Ref:836106)

Quote:

Originally posted by GP Racer
Well, that article should certainly stir the pot!

I don't think anyone will be surprised at this. OWRS has been uncharacteristicly quiet lately, so that can only mean that things are busy behind the scenes. The projected upcoming bid on the 28th, may well be an announcment of another type.

Havn't seen it anywhere else yet...

#1. AutoWeek is extremely biased and their anti-CART spin should be taken with a grain of salt.

#2. The only two supposedly pro-CART sites that are going with this silly "merger" (and IRL buy-out) scenario are ChampWeb and PaddockTalk - have criticized this stance/belief at both sites' forums and as a result they have "suspended my posting privileges"... evidently having logical arguements and being too overly anti-IRL doesn't bide well with Don Sklenka or Mike Sulka... and that is a real shame !!! - that it came to such a point in CART fandom where we "fight" with each other - and the cause of it: a simple silly rumor that some journalists drew out of proportions...

zerO

indycool · 13 Jan 2004, 02:09 (Ref:836111)

Zero, depending on forum rules, you shouldn't have gotten kicked off any forum for discussing this. Sklenka is a visitor at CW and the folks aren't even real. Have never been to PaddockTalk. Sklenka is one of those who thinks a merger has already happened. (Who in the world would they have merged with at this point?...CART? OWRS?....that school of thought doesn't hold water.)

What an IRL official said is that they might be interested in some of the assets. That's hardly a bid and hardly a merger. Because they admitted their interest doesn't mean they won't bid or will bid. But I think Autoweek was correct in reporting it. It's a lot the same as Mike Hile, the 88 Corp. attorney, saying in court his clients might be interested. But it DOES sound like Jan. 28 could be a drama to play itself out.

GP Racer · 13 Jan 2004, 02:56 (Ref:836147)

Whats a forum without disagreement?

To get thrown off of a forum for criticising an opinion, just doesn't sound right.

I think we tend to believe the stories we want to believe, according to how you want to see this thing resolved. I for one, want to see one series, so I'm sure I lean towards stories and journalists who's reports tend to suggest that possibility. Zero, you don't seem to want that, so I'm sure you tend to dismiss articles that suggest that possibility.

What you see as anti CART, others see as pro one series. Its all perspective I guess...

Fogelhund · 13 Jan 2004, 03:48 (Ref:836178)

I guess we shall know what the intentions of IRL/88 Corp whatever are by Jan 23rd. Till then.

corkholio · 13 Jan 2004, 03:55 (Ref:836182)

zerO attacking others about their credibility? Is this the same guy who went to other forums passing off rumors as facts and then went off on anyone who asked him for a link?

Here is the AP article:

http://espn.go.com/rpm/2004/0112/1706876.html

Flatspot · 13 Jan 2004, 04:37 (Ref:836202)

Folgelhund has it right. 23 & 28 are the lucky numbers and we won't know too much before then unless 88 pops up early. I don't think they will be too early though as there is much to do in little time.

Fogelhund · 13 Jan 2004, 04:46 (Ref:836206)

Quote:

Originally posted by Flatspot
Folgelhund has it right. 23 & 28 are the lucky numbers and we won't know too much before then unless 88 pops up early. I don't think they will be too early though as there is much to do in little time.

...and the less time they give the OWRS to counter prepare, the better off they will be.

macdaddy · 13 Jan 2004, 05:45 (Ref:836216)

I don't know what to make of this.

I can't really say it was "unexpected", but I didn't expect it.

IRL spokesman Fred Nation confirmed Monday night that representatives of the series began examining CART's equipment and contracts last Friday, but the IRL will not decide for several days yet whether to bid on any of the assets.

Some of CART's physical assets, such as scoring and safety equipment and trailers, are similar if not identical to those used by the IRL, so it was ``only natural'' the IRL would be interested in possibly bidding on those assets, Nation said.

CART and IRL signed a confidentiality agreement Thursday allowing the latter to inspect the bankrupt series' assets, Nation said.

Asked if the IRL might make a bid that would bring the CART series into the IRL organization, Nation said it was too early to tell.

"Until we know what the situation is with the assets, and what exactly is contained in the assets, and what strings are attached to the assets, we cannot say what we will bid on, if anything at all," Nation said.

indycool · 13 Jan 2004, 05:49 (Ref:836219)

Seems to be a reasonable and honest approach and statement. If I'm in the grocery store looking to buy a grapefruit, I'm going to look at it, check the price, then decide to buy or not buy....or a house...or a car....or a racing series.

Dov · 13 Jan 2004, 06:01 (Ref:836226)

From reuters.com: http://www.reuters.com/newsArticle.j...toryID=4114207

NEW YORK (Reuters) - The Indy Racing League (IRL) is considering a buyout of the assets of the rival Championship Auto Racing Teams (CART) series, an IRL spokesman said on Monday.

Fred Nation, executive vice-president of communications of the Indianapolis Motor Speedway and IRL, said no offers had been made yet but the organization had sent a team to CART headquarters in Indianapolis to review the assets.

The CART series, which broke away from Indianapolis in 1978 and went public in 1998, filed for bankruptcy last year and is scheduled to have a hearing leading to the sale of its assets in the last week of this month.

The IRL started its own series in 1995, which includes the prestigious Indianapolis 500, and since then CART has suffered from the defection of major teams and manufacturers to their rivals.

Last year the Open Wheel Racing Series (OWRS) made an offer to buy CART's assets and a U.S. Federal Judge imposed a deadline of January 23 for alternative offers.

CART operates a successful street course races in the Canadian cities of Vancouver, Toronto and Montreal as well as at Long Beach, California.

The IRL, until now an all oval series, have stated interest in selected street races and Nation said that starting in 2005 the IRL would have a limited number of them on the calendar.

"There are a lot of interesting assets for sale at reasonable prices," Nation added.

In addition to races, technical equipment and a state of the art mobile hospital will be up for grabs at the sale of assets, which is scheduled for January 28.

OWRS officials were not available for comment on Monday.

macdaddy · 13 Jan 2004, 06:08 (Ref:836231)

This could turn out sour. I hope TG doesn't just pick-and-choose, leaving everything else out there to rot in the sun.

What if he were to buy the medical center and the safety vehicles? Where would that leave ChampCar? In a bad spot, that's where. What if he were to add Long Beach and Toronto to his shopping cart?

I'm scared.

**GTRMagic** · 13 Jan 2004, 06:45 (Ref:836254)

A cynic may argue this scenario was what OWRS had planned all along....

macdaddy · 13 Jan 2004, 06:49 (Ref:836257)

Oh yeah, that thought is twirling in my mind, too.
Let's not forget all those countless threads about Bernie!
CP knows BE who knows TG who knows PG who knows CP.

rustyfan · 13 Jan 2004, 08:54 (Ref:836333)

I don't think it's the IRL's fault this whole mess was allowed to go this far - I mean, didn't OWRS have an earlier chance to gain control (albeit at a higher price)? Again, not the IRL's fault OWRS wanted to take the cheaper road (accepting the risks that came with it, allowing other players to have a shot at the assets).

Also, from what I know, 88 Corp is related to ISC (in other words, the France Family) - not the IRL.

Dov · 13 Jan 2004, 13:23 (Ref:836616)

Monday, January 12
Updated: January 13, 3:20 AM ET
IRL examining rival's assets
Associated Press

INDIANAPOLIS -- The Indy Racing League might bid on the assets of CART, throwing a proposed sale of the bankrupt, open-wheel-racing series into question.

IRL spokesman Fred Nation confirmed Monday night that representatives of the series began examining CART's equipment and contracts Friday, but the IRL will not decide for several days yet whether to bid on any of the assets. A bankruptcy judge has set Jan. 23 as the deadline for bids.

CART has an agreement to sell all of its assets, including equipment and sponsorship contracts, to Open Wheel Racing Series LLC 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.

If bids other than Open Wheel's emerge, it could force an auction of CART assets on Jan. 28.

Some of CART's physical assets, such as scoring and safety equipment and trailers, are similar if not identical to those used by the IRL, so it was "only natural" the IRL would be interested in possibly bidding on those assets, Nation said.

CART and IRL signed a confidentiality agreement Thursday allowing the latter to inspect the bankrupt series' assets, Nation said.

Asked if the IRL might make a bid that would bring the CART series into the IRL organization, Nation said it was too early to tell.

"Until we know what the situation is with the assets, and what exactly is contained in the assets, and what strings are attached to the assets, we cannot say what we will bid on, if anything at all," Nation said.

U.S. District Judge Frank J. Otte approved a CART bankruptcy plan that set the Jan. 23 deadline for bids. CART had filed for Chapter 11 bankruptcy protection last month as part of the sales agreement with Open Wheel, which like CART and the IRL is based in Indianapolis.

If any alternate bids for CART's assets emerge, they could be considered during an auction Jan. 28. Without any qualifying bids, Otte could approve the sale to Open Wheel that day.

CART and Open Wheel Racing agreed to sale terms before the bankruptcy filing in hopes of making a quick Chapter 11 exit in advance of the 2004 racing season. Open Wheel's principal owners -- Gerald Forsythe, Kevin Kalkhoven and Paul Gentilozzi -- said Dec. 17 that they could quickly bring the series out of bankruptcy and run a 2004 season with at least 15 races and at least 18 cars

Quote:

CART and IRL signed a confidentiality agreement Thursday allowing the latter to inspect the bankrupt series' assets, Nation said.

Is it just me or does this make anybody else nervous!? I'm not sure what OWRS is up to, but I don't like it!!!

climb · 13 Jan 2004, 13:38 (Ref:836635)

Sorry Dov, but the hypothesis that gentilozzi kalkhoven & Co have gone their way to take cart asset over just to resell them to IRL and realize a good capital gain is absolutely realistic.

Tim Northcutt · 13 Jan 2004, 13:39 (Ref:836641)

This same story context is on the front page of today's Indianapolis Star...

Guess we'll all have to wait until the 23rd and the 28th to see who does in fact come forward, and how much cash they are willing to spend...

But I do know this:

Tony's pockets are A LOT deeper than OWRS....if he really wants to do the buyout, he'll surely outbid them....there is no doubt about it...

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