RGeeProductions
03-10-2008, 04:47 PM
The Champ Car World Series' filing Chapter 11 bankruptcy, Walker Racing's withdrawl from 2008 Indy Car racing and the Gold Coast Indy 300's joining the IRL calendar are three of the latest developments in the changing American Open Wheel Racing unification landscape.
Champ and Indy car team owner Derrick Walker told his employees here Friday night that he will not run his top shelf team. His Team Australia drivers Wil Power and Simon Pagenaud have been released. Walker is looking to place some of his workers in the A1GP series.
A team spokeswoman said Walker has not decided whether he will continue fielding a Madza Atlantic team as of deadline. Walker is with the team testing at Mazda Raceway Laguna Seca (Calif.) He has intended to field Leo and/or Greg Mansell - sons of former CART and F1 champion Nigel Mansell - this year.
"Tony's offer of up to $2 million for an Indy car chassis and engine is generous," said Walker on his Web site. "The problem is coming up with another $3 million in sponsorship to keep going. It's a shame for Wil and Simon - we were making headway with the Team Australia concept."
Walker said that the four-year-old Team Austrailia with Aussie Vinyard owner Craig Gore has disssolved. Gore, whom Walker said owes him $1 million, has closed his Australian V8 Supercar team. Gore and Walker saw Power win two CCWS rounds last year.
Walker joins Gerry Forsythe Championship Racing as Champ Car teams who will not make the transition to the IRL. Walker had been a strong unifucation supporter since 1996. The former Penske Racing and Porsche Indy Car crew chief introduced Sarah Fisher and Willy T. Ribbs to the Indy 500.
Conquest and KV racing have taken up IRL founder Tony George's offer of Dallara chassis and Honda engine leases. Whether they or other teams will be ready for March 17-19 test and the March 29 IRL season opener at Homestead Miami Speedway, however, is an open question.
Gold Coast Indy promoters have meanwhile announced March 5 that they have joined the IRL's 2008 calendar. The race remains set for Oct. 27, which leaves whether the race will actually start a 2008-09 season open.
A United States Bankruptcy Court judge has yet to schedule a hearing on CCWS LLC's Feb. 25 Chapter 11 petition filing here. Champ Car lawyers, in their brief, listed their client as having between $10 and $50 million in assets but having up to 49 creditors claiming between $1 and $10 million. They include $1.3 million owed to engine builder Cosworth.
CCWS LLC intends to settle its debts and continue to help oranize the Long Beach Grand Prix and the Mazda/Cooper Atlantic Challenge in the interim. The petition asks the court to set aside $4 million for Champ Car principals Forsythe and Kevin Kalkhoven's Aquarium Promotions so it can keep working with the LBGP. Cosworth is also jointly owned among Champ Car's four partners and FCR is owed over $325,000.
A Chapter 11 bankruptcy allows the petitioner to reorganize. Champ Car, when it was CART, filed for Chapter 7 bankruptcy - liquidating its assets to satisfy creditors - in the same court on Feb. 2, 2004. A different federal judge awarded Kalkhoven, Forsythe, Paul Gentilozzi and Dan Petit CART's assets over George. CCWS' petition includes a non-competition with the IRL clause.
Walter Elliot
Champ and Indy car team owner Derrick Walker told his employees here Friday night that he will not run his top shelf team. His Team Australia drivers Wil Power and Simon Pagenaud have been released. Walker is looking to place some of his workers in the A1GP series.
A team spokeswoman said Walker has not decided whether he will continue fielding a Madza Atlantic team as of deadline. Walker is with the team testing at Mazda Raceway Laguna Seca (Calif.) He has intended to field Leo and/or Greg Mansell - sons of former CART and F1 champion Nigel Mansell - this year.
"Tony's offer of up to $2 million for an Indy car chassis and engine is generous," said Walker on his Web site. "The problem is coming up with another $3 million in sponsorship to keep going. It's a shame for Wil and Simon - we were making headway with the Team Australia concept."
Walker said that the four-year-old Team Austrailia with Aussie Vinyard owner Craig Gore has disssolved. Gore, whom Walker said owes him $1 million, has closed his Australian V8 Supercar team. Gore and Walker saw Power win two CCWS rounds last year.
Walker joins Gerry Forsythe Championship Racing as Champ Car teams who will not make the transition to the IRL. Walker had been a strong unifucation supporter since 1996. The former Penske Racing and Porsche Indy Car crew chief introduced Sarah Fisher and Willy T. Ribbs to the Indy 500.
Conquest and KV racing have taken up IRL founder Tony George's offer of Dallara chassis and Honda engine leases. Whether they or other teams will be ready for March 17-19 test and the March 29 IRL season opener at Homestead Miami Speedway, however, is an open question.
Gold Coast Indy promoters have meanwhile announced March 5 that they have joined the IRL's 2008 calendar. The race remains set for Oct. 27, which leaves whether the race will actually start a 2008-09 season open.
A United States Bankruptcy Court judge has yet to schedule a hearing on CCWS LLC's Feb. 25 Chapter 11 petition filing here. Champ Car lawyers, in their brief, listed their client as having between $10 and $50 million in assets but having up to 49 creditors claiming between $1 and $10 million. They include $1.3 million owed to engine builder Cosworth.
CCWS LLC intends to settle its debts and continue to help oranize the Long Beach Grand Prix and the Mazda/Cooper Atlantic Challenge in the interim. The petition asks the court to set aside $4 million for Champ Car principals Forsythe and Kevin Kalkhoven's Aquarium Promotions so it can keep working with the LBGP. Cosworth is also jointly owned among Champ Car's four partners and FCR is owed over $325,000.
A Chapter 11 bankruptcy allows the petitioner to reorganize. Champ Car, when it was CART, filed for Chapter 7 bankruptcy - liquidating its assets to satisfy creditors - in the same court on Feb. 2, 2004. A different federal judge awarded Kalkhoven, Forsythe, Paul Gentilozzi and Dan Petit CART's assets over George. CCWS' petition includes a non-competition with the IRL clause.
Walter Elliot