updated 8:33 p.m. ET Dec. 18, 2003

INDIANAPOLIS - The buyers of Championship Auto Racing Teams expressed confidence Wednesday that they can quickly bring the CART open-wheel series out of bankruptcy and run the 2004 season with at least 15 races and 18 cars.

The comments came hours after CART’s buyers, Open Wheel Racing Series LLC, announced a separate purchase of the Trans-Am sports car racing series, and a day after CART filed for Chapter 11 protection under terms of Open Wheel’s buyout agreement.

Open Wheel’s principal owners said in a teleconference that they expected support from creditors and an Indianapolis-based bankruptcy judge’s quick approval of a reorganization plan that would put publicly traded CART under private ownership.

Under the so-called “prepackaged” bankruptcy, Open Wheel will acquire all of CART’s assets — including equipment as well as sponsorship, team and promotion contracts — while assuming some liabilities, including $2.7 million owed in prize money to teams that took part in the 2003 season.

“This can be fast-tracked extremely quickly,” said Kevin Kalkhoven, co-owner of PK Racing and one of Open Wheel’s three principal owners. “We expect a response from the court literally in days ... This is something that will be handled with speed and done extremely quickly.”

The deal replaces an earlier proposal that would have allowed CART to avoid bankruptcy, with Open Wheel paying $7.4 million for all of CART’s outstanding stock. Open Wheel replaced that deal with the new agreement after too few teams committed for the 2004 season to meet the original purchase conditions.

The new agreement “is cleaner, and it’s fast, and time is of the essence here,” Kalkhoven said.

Kalkhoven and another principal owner, Paul Gentilozzi of Rocketsports Racing, said the new arrangement reduces uncertainty that hampered planning for a 2004 season and left teams reluctant to commit.

In November, CART announced a 19-race schedule for 2004, but has since postponed the season-opening Grand Prix of St. Petersburg.

Gentilozzi now expects 15 to 17 races beginning April 18. At least 18 cars will compete, he said, including one driven by 2003 CART champion Paul Tracy.

In October, CART announced it lost nearly $78 million in the year’s first nine months, and warned that it would have to halt operations if the takeover was not completed. CART has been on a downward spiral, in part because of the creation of the rival Indy Racing League in 1996.

Gentilozzi said Open Wheel’s principals had discussed the series’ future with IRL president Tony George, though no agreements on any cooperative ventures have been reached.

Open Wheel’s series will continue to be based in Indianapolis and operate under the Champ Car World Series banner, with the CART name phased out. Current employees will be invited to stay on under Richard P. Eidswick, who replaces CART CEO Christopher Pook on an interim basis.

“We think it is a better product, and we think that it is absolutely at the lowest tide it could be,” Gentilozzi said. “We think a good business plan will bring it back.”

Open Wheel is close to announcing a deal to televise 2004 races, he said. Last year, CART paid CBS to air some of its races — in contrast to earlier years when CART was paid for TV coverage.

Earlier Wednesday, Open Wheel Racing announced it is acquiring the Trans-Am Racing series from a subsidiary of the Sports Car Club of America, based in Topeka, Kan. The purchase price was not disclosed.

Gentilozzi bought the marketing and promotion rights for Trans-Am Racing before last season. The deal announced Wednesday gives Open Wheel Racing ownership of the series’ racing operations effective Jan. 1.

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