The Indianapolis Motor Speedway and Championship Auto
Racing Teams have "called a truce, settling major lawsuits
against one another," according to Bill Koenig of the
INDIANAPOLIS STAR-NEWS. The out-of-court agreement "only
ends legal hostility. It doesn't mean the two sides will
reconcile." Few details of the agreement were released, but
both sides said the Speedway and the IRL "have use of the
brand name, 'IndyCar.'" CART had been calling itself
IndyCar for "marketing purposes" under a '92 licensing
agreement with the Speedway. That will no longer exist and
CART unveiled a new red, white and blue checkered-flag logo
Tuesday using the CART name. The new CART circuit will now
be called the CART World Series. Those familiar with the
settlement said it also contains a section that "prohibits
both CART and IRL from retaliating against a race-team owner
who participates in both race circuits." William Dyer,
Jr., Chair of Barnes Dyer Marketing, a sports-marketing firm
with ties to both leagues, called the deal "a cease fire,"
adding it "makes no attempt to bring the two parties closer
together" (INDIANAPOLIS STAR-NEWS, 12/18).
REAX: In Toronto, Norris McDonald notes IMS Chair and
IRL Founder Tony George "won another crucial battle in his
war against" CART. McDonald: "This is an astonishing turn
of events. ... Yesterday's news is a huge nail in what is
rapidly becoming a CART coffin" (Toronto GLOBE & MAIL,
12/18). George: "As we embark on the second season of the
Indy Racing League, it will be clear to sponsors, fans and
the general public that 'Indy' cars are the cars that
participate" in the Indy 500 (IMS). CART President Andrew
Craig said that the decision "comes at a good time for a
sport trying to increase its presence." Craig: "Frankly, we
haven't always been as aggressive as we should be to attract
the fans" (USA TODAY, 12/18).
