Haas Resigns Position On Cart Board Of Directors

[RaceTime]

INDIANAPOLIS (October 3, 2003)– Championship Auto Racing Teams, Inc. (NYSE: MPH) announced today that team owner Carl Haas, who along with Paul Newman are the co-owners of Newman Haas Racing, resigned his position on September 22, 2003 as a member of the Championship Auto Racing Teams, Inc. Board of Directors.



Chris Pook, CART’s President and CEO, offered his thanks to Mr. Haas for the contributions he made as a Board member. “Throughout his tenure on Championship’s Board of Directors, Carl has provided a wealth of experience and insight,” Pook said. “We appreciate the time and effort he has devoted to CART, his vision and his support of the series, its shareholders and the sport.”



Mr. Haas stated, “My resignation should not be construed as a current lack of support for CART.” Mr. Newman stated, “I am committed to CART, that’s the end of the discussion.”

[f1manoz]

Well, watch the rumour mill start now, but I am firm in the belief that Haas will not leave CART. Newman certainly won't, that's for sure.

Haas has probably left with what is happening with ownership. Perhaps Haas is just not interested in all that, but just wants to run his race team.

[Flatspot]

I would think that Haas just sees the writing on the wall. The company is going private, things are being done today that are ultimately the wishes of the OWRS ownership (and should be) and he ultimately has nothing to gain by staying on. In fact, he just has a lot of time to lose by sitting in meetings if everything doesn't just go along perfectly smoothe.

[macdaddy]

Haas was the last of the owners on the BoD. Walker stepped down recently, citing a "potential conflict of interest" which I still can't figure out.

Is this the first time in its 25-year history that CART hasn't had a single team owner helping to steer the ship?

(It's only temporary, I hope...)

The BoD now consists of:
- Chris Pook
- Ralph Sanchez
- Fred Tucker
- James Hardymon
- James Henderson

[indycool]

I believe you're right, macdaddy....car owners in various forms have ALWAYS been on the board.

[Flatspot]

Given the current situation would you agree that Forsythe, Gentilozzi, & Kalkhoven qualify as a "various form" though not technically on the BoD? My observation is that these three car owners are exclusively steering the ship right now.

[indycool]

I expect that maybe they have one hand on the steering wheel and Pook and the BoD have another hand on the steering wheel right now, both very gently. You're right....that may qualify as a "various form," at least until the shareholder vote says the way it's gonna be.