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CART'S HAWAIIAN SUPER PRIX NIXED DUE TO LACK OF FUNDS
Published October 20, 1999
The $10M CART Hawaiian Super Prix, scheduled for November 11-13 in Honolulu, has been canceled due to the inability to meet its financial obligations. CART Chair & CEO Andrew Craig: "Despite this development, CART is comfortable it will achieve the consensus analyst estimates for the third and fourth quarters of 1999 and for the year 2000." Under terms of the agreement with the Hawaiian Super Prix, a $5M surety bond with Frontier Insurance was posted in February '99, with CART named as the beneficiary. CART will proceed with exercising its rights under the surety bond. CART said its ability to achieve third- and fourth- quarter estimates does not take into account the one-time gain resulting from the collection of the bond (CART). FROM THE ISLAND: In Honolulu, Joe Edwards wrote that the race "ran into financial problems in part by not being able to land a title sponsor and by not securing a lucrative" TV deal. Edwards also reported that in recent weeks, Super Prix organizers "had sought" $15M in loans to pay for the race and to "fund additional operational costs," but those loans "never materialized" (Honolulu STAR- BULLETIN, 10/19). Meanwhile, CART shares "hit a yearly low" yesterday, "dipping" to $19.68 and closing at $20.25, down $1.75 from Monday's close (SPEEDNET, 10/19). CART PATH: ESPN's Jon Beekhuis, on whether CART will add any new tracks next season: "I do not expect that they're going to add any racetracks, with the slight possibility of Monterey, Mexico ... in 2000, but more likely 2001. Now the question they were talking about [in Australia last week] is, 'Does CART put a race in May, or do they leave May open, so that teams can buy equipment and go race the Indy 500?' Right now, it appears as though there might be as many as 10 cars from CART going to Indy next year." Beekhuis said that CART can use the word "Indy" for its Australia race because the "grandfather clause in the [CART/IRL] agreement not to use the word 'Indy'" applies only in the U.S. ("RPM 2Night," ESPN2, 10/19)....NASCAR President Bill France, who "maintains hope of an eventual unification" of open-wheel racing: "It certainly won't happen now, or , and maybe a little longer out. We do have interest in open-wheel racing with (ISC), and we're running five of them: one (IRL) and four CART races that we inherited from Roger Penske." France: "If CART wants to keep going overseas a lot, then it would probably keep going the way it's going now. And although the IRL (has had sparse crowds), the attendance at CART races hasn't been all that great, either" (Skip Wood, USA TODAY, 10/20).