Cart saved for 2004

Reigning champion Paul Tracy will defend his title next year

America's troubled Cart series will go ahead in 2004 after team owners put together a rescue package.

They have signed a deal which will allow racing next season, but the series will still have to file for Chapter 11 bankruptcy protection.

Paul Gentilozzi, one of the three men who make up new owners Open Wheel Racing, was in bullish mood.

"We're ready to begin work to implement our vision for Champ Car in 2004 and for many seasons beyond," he said.

"Our purchase was with the express intent of supporting our teams and sponsors competing now and in the future."

Open Wheel Racing's deal includes the purchase of contracts with promoters, sponsors and teams, while Indianapolis-based Cart will go through a planned bankruptcy.

I have every confidence that this decision will prove successful New co-owner Gerald Forsythe

Along with Gentilozzi the other partners in Open Wheel Racing are Kevin Kalkhoven, co-owner of PK Racing, and Gerald Forsythe, a co-owner of Team Players.

When Cart first became a publicly-traded company in 1998 it was a success but it has been on a downward spiral in recent years following competition from the rival Indy Racing League.

Indianapolis Motor Speedway owner Tony George set up the IRL in 1996 and it has steadily attracted top teams and drivers from Cart.

Champ Cars, as Cart is sometimes known, has suffered for not having the Indy 500 - America's biggest race - on its schedule.

In August Open Wheel Racing offered $7.4m (£4.2m) for Cart's outstanding stock and they now own nearly 23% of the shares in the series.

"This was absolutely the right move for the future and longevity of Champ Car," said Forsythe.

"I have every confidence that this decision will prove successful."

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

Open Wheel Racing said the 2004 season would begin with the Toyota Grand Prix of Long Beach, California, on 18 April.

It also said that 2003 series champion Paul Tracy, who drives for Forsythe's team, would stay in the series.