Bankrupt, the IRL will bear the heavy debts of ChampCar
Last week, the remains of the North American single-seater championship, Champcar, announced that they had sold their assets to the IRL (Indian Racing League) for 6 million dollars. The championship reportedly still has 10 million dollars of debt, largely assumed by the recent merger and therefore the IRL. The Champ Car World Series was founded […]
Last week, the remains of the North American single-seater championship, Champcar, announced that they had sold their assets to the IRL (Indian Racing League) for 6 million dollars. The championship reportedly still has 10 million dollars of debt, largely assumed by the recent merger and therefore the IRL.
The Champ Car World Series was founded four years ago as a logical continuation of CART (Championship Auto Racing Teams), which had itself gone bankrupt shortly before.
One of the former co-owners of the discipline, Kevin Kalkhoven, who was behind the merger with the IRL, also revealed that his company Cosworth (which powered the CCWS) would be in debt to the tune of 2 million.
The assets were sold to the IRL on February 14th. David Cottingham, another co-owner of the discipline, commented: « It is in the best interests of single-seater racing to have sold its assets to the IRL and to unify these two series before the season begins… »
Champcar is not completely dead as a final tribute race is set to be held in Long Beach in a few weeks. All the costs will be covered by the IRL.
