CART near bankruptcy | Page 2 | FerrariChat

CART near bankruptcy

Discussion in 'Other Racing' started by Gary(SF), Dec 4, 2003.

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  1. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    9,252
    If you look into IRL, you will see that they have to play a lot of tricks with the camera work to avoid showing that there are no fans at the race tracks! (at least everywhere except Indy).
     
  2. Gary(SF)

    Gary(SF) F1 Rookie

    Oct 13, 2003
    3,637
    Los Altos Hills, CA
    Full Name:
    Gary B.
    I really hope there is, but I'm not yet convinced.

    Gary
     
  3. DMC

    DMC Formula 3

    Nov 15, 2002
    2,385
    WI/IL
    Full Name:
    Dean
  4. Gary(SF)

    Gary(SF) F1 Rookie

    Oct 13, 2003
    3,637
    Los Altos Hills, CA
    Full Name:
    Gary B.
  5. Mark(study)

    Mark(study) F1 Veteran

    Oct 13, 2001
    6,052
    Clearwater, FL
    Full Name:
    Mark
    How did we lose that level of success? We lost it from the income side and from the expense side. So, our plan is to manage both of those ratios.

    How?

    [what they say]
    production cost of television and how we alter that. There are huge differences in those ratios when you look at where you are placed on television

    [what they mean]
    Yes! You can buy 2 hrs of airtime at 2am on a Monday night from Ch121 for a lot less than you can get from CBS on Sunday afternoon :)
     
  6. ART360

    ART360 Guest

    How did this happen?

    1. We started getting South Americans into the series. They were brought in, and they brought money to help the teams.

    2. Because the teams were getting extra, unexpected money, the cost of racing rose. Last count for the turb formula: 10 - 13 Million per car, per year. 2 car mid pack team cost 20 million, Penske quality team cost 35 - 40 million. That equaled a old bunch of sponsorship. That's want we saw South Americans on both Roger's team and Chip's team at the end of that Formula.

    3. There were less and less Americans in the series because although they were just as good as the south americans, they weren't better, and they didn't have the money.

    4. American sponsorship died off, tracks didn't have American heros to advertise, and attendance started to drop. That caused various track owners to start thinking about what was going on. Tony George came up with the idea of an "all american" series, the IRL.

    5. Person who did this: Emerson Fittipaldi brought in the talent, represents a good many of the South American stars.

    These are just my thoughts, but I think they are factually accurate.

    Art
     
  7. Boxer12

    Boxer12 Formula 3

    Jun 1, 2003
    1,672
    I suspect the bankruptcy was just a way to panic the shareholders (a/k/a GQ public) so the new owners could steal the stock, as people were getting wind of the proposed buyout (which has been in the works for months). There should be a class action lawsuit now to recoup the stolen funds. Its business as usual in corporate america! New teams are being formed here in Indy. A good friend of mine has just been hired for a new team. The public doesn't know anything unless the race is cancelled. Most don't buy their tickets until 60 days in advance anyway.
     
  8. DMC

    DMC Formula 3

    Nov 15, 2002
    2,385
    WI/IL
    Full Name:
    Dean

    The bankruptcy was a ploy, but not to steal the stock. CART, the Michigan Corporation, is declaring Chapter 11. Stock is issued against CART, the Delaware Corporation, which still exists. OWRS is taking over selected assets of the Michigan Corporation, i.e. the Cosworth engines, race contracts, and any other assets they need to race.

    Art: how does Tony's "All American" series look these days? The Vision was BS, Tony was making a play to take over open wheel racing in the US because CART management mis-treated him.
     
  9. ART360

    ART360 Guest

    They didn't mistreat him, they ran over him, but forgot he controled their primere track Indy. His series got the South Americans, of course. However, Tony has paid money to teams so that the teams would run American drivers: Jeff Ward is an example of that. sooner or later their going to turn right and left.

    Art
     

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