Cart seeks new owner

Mexican driver Michel Jourdain in the pits

The struggling Cart series is looking for a new owner and the current sanctioning body has hired an investment banker to consider its options.

Championship Auto Racing Teams, Inc, has confirmed it is seeking a buyer for the struggling open wheel racing series.

"The company's management strongly believes in the long range future of the company," read an official statement from chief financial officer Thomas L. Carter.

"However, in light of the financial challenges facing the company; the company has retained the investment banking firm of Bear Stearns & Company, Inc. to assist us in exploring strategic alternatives that may be available to Cart; including a possible sale of the company."

The statement also pointed to reduced revenues from sanctioning race and corporate sponsorship for the upcoming season, but added that it believed there was sufficient funding for the remainder of the year and 2004.

Formula One supremo Bernie Ecclestone, a close friend of Cart president and chief executive Chris Pook, expressed an interest last year in making Cart a feeder series for his world championship.

BAR-Honda shareholder Craig Pollock also has an interest in the PK Racing team in the Cart series.

Cart champions to have entered Formula One include Canadian Jacques Villeneuve and Colombian Juan Pablo Montoya.

In the statement, preliminary results showed a loss of $3.1m (£1.85m) for the self-promotion of races at Brands Hatch in England and Lausitz in Germany.

Total losses from self-promoted races could reach $7.8m (£4.65m).