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Championship AutoRacing Teams, Inc., (NYSE: OPW) announced todaythat it has acquired Pro-Motion Agency, Ltd., thecompany that owns and operates the KOOL/ToyotaAtlantic Championship open-wheel racing series.
This purchase of Pro-Motion and the ToyotaAtlantic series is CART's second acquisition of asupport racing series in the last month (thesanctioning organization obtained the PPG DaytonIndy Lights Series on March 12). It is the latestmove made by CART to establish a more clearlydefined ladder system for both drivers and fansof Championship Car racing in North America.
"One of the objectives in taking ChampionshipAuto Racing Teams public was to generateresources that would allow us to establish awell-defined, effective ladder system whichprovides drivers with a clear progression fortheir careers, with the ultimate goal of racingin the FedEx Championship Series," said CARTChairman and CEO Andrew Craig. "The acquisitionof the KOOL/Toyota Atlantic Championship willhelp us to achieve this goal.
"For too long here in North America, drivers havenot had a defined path to the top levels ofopen-wheel racing. Also, it has not been clearwhere fans should watch to see the developingstars of tomorrow. With today's announcement, itis becoming increasingly evident that the road tothe leading open-wheel race series in Americagoes through Toyota Atlantic and Indy Lights."
Toyota Atlantic cars are powered by 1.6-liter,four cylinder, 225-horsepower Toyota engines.Chassis in the series are manufactured by eitherSwift or Ralt. The KOOL/Toyota AtlanticChampionship is comprised of 12 races in 1998,the first of which was conducted as part of theApril 3-5 Toyota Grand Prix of Long Beach.
Several drivers in the FedEx Championship Serieshave experience in Atlantic cars. CalifornianAlex Barron won the 1997 Toyota Atlantic seriestitle and joins ex-Atlantic drivers MichaelAndretti, Patrick Carpentier, Richie Hearn, BobbyRahal and Jimmy Vasser in Champ Car racing.
Source: CART News Service
