Will the Gold Coast Event Still Happen

[Zinger]

CART in danger of collapse [Editor's Note: This story appeared in big headlines in the Sport's section of today's LA Times] Championship Auto Racing Teams announced a makeshift 2004 champ car schedule Thursday amid growing concerns that it may not happen.

Coincidental with the CART schedule came a Securities and Exchange Commission disclosure by CART that said it expected its cash resources to be depleted by the middle of December, which puts the open-wheel sanctioning body in peril of collapse. Already in default is a $473,000 payment that was due Oct. 8.

The earliest date that a shareholders' vote can be taken on a buyout offer by new owners is Dec. 18. The anticipated new owners, Open Wheel Racing, plan to change the publicly owned company to private ownership.

"Without sufficient financial resources, Championship will be required to cease operations and cancel the 2004 season," CART said in its filing. It announced losses of $77.9 million for the first nine months of the year, including a $1.7-million payment to former CEO Joe Heitzler to settle several lawsuits.

Open Wheel Racing, formed by CART team owners Jerry Forsythe, Paul Gentilozzi and Kevin Kalkhoven, has offered 56 cents a share for outstanding stock — about $7.4 million. The opening race on next year's schedule is at St. Petersburg, Fla., on Feb. 22. Five of the 19 races, including one at California Speedway, have no date announced, and another is "subject to final commercial terms."

The 2003 California Speedway race was canceled because of wildfire conditions near Fontana last weekend.


If the CART event Falls over will there still be an Event on the Gold Coast ???

[TSR]

I suppose Aussie Bernie is champing at the bit for this to happen so he's taxi have the whole event to themselves.

[jetsetter]

I don't know whether the Qld govenment would be willing to support an event other than the CART race as i don't think that any other event (regardless what TC thinks) can draw over 300 000 for the weekend, if CART collapses i think so to will the Gold Coast event.

[TSR]

People of QLD wont be happy about that if it goes with all the money the QLD goverment has pumped into the event

[Zinger]

Maybe that is why Rossp has a Question mark on procar going there in 04.

[Zinger]

And a bit more Fuel to the CART fire

Statement from California Speedway's Bill Miller on 2004 CART schedule “We believe it was misleading for CART to include California Speedway on its 2004 race schedule released on November 13, 2003. It is our position that there is no valid Official Organizer/Promoter Agreement in place for a 2004 CART Competition at California Speedway."

"Further, we are currently in litigation with CART as it relates to the 2003 event regarding a “force majeure“ as described in the Official Organizer/Promoter Agreement due to the wildfires that were burning throughout San Bernardino County and surrounding areas, which led to the cancellation of the King Taco 500."

"Per the Official Organizer/Promoter Agreement, California Speedway is due back the $2.5 million Organization and Rights Fee previously paid to CART, less a mutually agreeable amount for legitimate expenses reasonably incurred by CART in preparing for the event. Until this matter is resolved, we are unwilling to participate in discussions concerning future relationships.”

[pete55]

Perhaps the Korean date being one week before Surfers is another pointer to the possibility of our event not being held, or not being held on date mentioned. I know I for one would not go to Surfers anyway so it doesn't worry me really. As for a crowd at a V8 Supercar only event on the Indy course i would think Tony would be lucky to get a third of the current attendance figures. I also doubt the GCCC would be willing to go to the effort of promoting a V8 Supercar only event. It is the audience that views overseas and overseas attendees that they want, not the V8 supercar 'animals'.

[spook]

I am not an animal - I am a







fan! A V8 Supertaxi fan !

[jetsetter]

pete's on the right track, the reason the Goss govenment went after the Champcars was to sell Qld to U.S. tourists & as the state gets enough interstate tourist anyway an all V8 show just won't bring enough people to the state to warrant the money spent.

[HDTVKSS]

** Gasp ** if the event folds they mite have to run races on a real race track. nah, that will never happen

[pete55]

That would be novel HDTVKSS. Can't see it happening though.

[jetsetter]

Originally posted by HDTVKSS
** Gasp ** if the event folds they mite have to run races on a real race track. nah, that will never happen

Why would AVESCO do something as radical as that?

[v8man]

It is rumored that the Queensland Government is already in talks with IRL to replace Carts in the event of a collapse. Haven't IRL already stated that if Carts collapse that they will be looking at road and street courses. And no if we do not have Cart or IRL on the Gold Coast the government will not close the roads for the supercars and then TC may have to go back to PI

[pete55]

I reckon going back to a street circuit would be the best thing to happen to Australian motorsport in a long time, especially since TonyC 'took over' motorsport anyway.

[spook]

Or go to QR on the support card for the PROCAR Event on the Week-End after "Indy".
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Good one RossP !

[spook]

I seem to recall one "Roger Penske" as saying as recently as this year, that one of the strengths of IRL was that it was firmly focussed as a North American Oval/Road Course series that supported their "home grown" sponsors and that the IRL had no interest whatsoever in International Events and Street Courses.

[Conrod Kieron]

Look what happend to the V8's after F1 left Adelaide. If the Indy event is managed correctly it can survive the loss of Indy dars.

[v8man]

Originally posted by spook
I seem to recall one "Roger Penske" as saying as recently as this year, that one of the strengths of IRL was that it was firmly focussed as a North American Oval/Road Course series that supported their "home grown" sponsors and that the IRL had no interest whatsoever in International Events and Street Courses.

True but I remember when IRL started that Mr George said that Americans are looking for an open wheeler series that has American drivers in it and not made up by foreigners but they seem to have an international flavor in the series at the moment

[pete55]

IRL cars don't interest me either.

[Wizzby]

I think it will still go ahead. When you think about it, people don't really go for the CART cars, it's either for the V8's, to be seen, to perve on the people there to be seen and a tiny minority actually go to watch the CART. It's a bit like the Melbourne Cup, there's a massive party with a horse race going on in the middle. If the organisers have their brains in gear, it will stay.

[Gaz170]

The event will still survive, at least in the short term. But it won't be the same without the champcars.
Perhaps another series might have to be found to fill the void.
I know what the IRL have said, but if I were the event organizers, I'd be having meetings with them anyway.

[vatuloa]

The Spin and Sizzle sell the Gold coast race so it will be Champ cars or nothing. I can't see Champ Cars not surviving however they may have to reform under another name. We don't have to wait long to find out.

[GTRMagic]

Can IRL cars actually turn left and right?

Im sure we would get 120,000 people to watch a Formula 4000 race wouldnt we????

[Mattracer]

Can it and go back to purpose built circuits that can benefit all levels of the sport including driver training and car club track days.

Street circuits do nothing for the grass roots and the general motoring community. Where would road cars be tested for the magazines etc???

[GTRMagic]

But street circuits can do all of these things. If the people who promote these events are the same ones that own QR for example, and the only difference is that they are at a different piece of racing road, they would still get the income from the services provided.

Its not as simple to say that a street circuit steals money from a permanent one.... it depends how progressive the management of that circuit actually is