INDIANAPOLIS -- Two years after its racing assets were sold to Champ Car in federal bankruptcy court, the stockholders of Championship Auto Racing Teams Inc. approved the company's plan to dissolve and liquidate its assets.
CART announced Thursday a stock distribution of 29 cents per share and the closing of stock transfers. It exists now only to administer funds set aside as a contingency reserve for potential liabilities, expenses and obligations.
CART previously owned and operated the Champ Car World Series. The company has sold all of its operating assets and is in the process of winding up its affairs.
The company, which broke away from the U.S. Auto Club in 1978, took a major blow in 1996 with the emergence of the Indy Racing League, dividing a small base of fans and major sponsors. Both open-wheel series have struggled with dwindling attendance and TV ratings.
CART, which became a publicly traded company in 1998, filed for bankruptcy in December 2003, after losing nearly $78 million in the first nine months that year.
