Sports Law Blog
All things legal relating
to the sports world...
Wednesday, January 28, 2004
 

CART Bankruptcy Goes Before Judge: The assets of CART (Championship Auto Racing Teams) and perhaps the future of open-wheel racing are in the hands of US Bankruptcy Judge Frank J. Otte today. Judge Otte will be administering the auction of CART's assets between two main bidders: a group of current CART team owners intent on keeping the series alive, and IRL president Tony George, who wishes to shut it down. Under the law, Otte has a great deal of discretion, but he must ensure that his decisions are best for CART's creditors, employees, and shareholders, in that order.