NBA Free Agency Begins With Money Flying Top Rank Files Suit Against Al Haymon NHRA Leadership Undergoing Changes IndyCar's Miles Fires Back At Critics Of Race Conditions CVC Capital's Mackenzie: Make F1 More Exciting Daytona Int'l Speedway Holding Flag Exchange MLS Expected To Add "Core Player" Roster Spot NASCAR Teams Look For Long-Term Value NHL Players Reach Deal With Tenn. Jock Tax NFL To Hire Forensics Expert
SBD/Issue 46/Leagues & Governing Bodies
Champ Car Will Be Boosted By Investors’ Purchase Of Cosworth
Published November 16, 2004
Champ Car investors Kevin Kalkhoven and Gerald Forsythe helped secure the series' “long-term viability” Monday with the purchase of engine-maker Cosworth from Ford, according to Jeff Pappone of the Toronto GLOBE & MAIL. With the deal, they “ensured there will be no threat to the future availability” of engines for Champ Car. Cosworth sources confirmed that IRL team owner Chip Ganassi “unsuccessfully offered to buy the company,” which will continue to provide engines for F1 and IRL teams, and “there is talk that the bid also had the support” of IRL Founder Tony George. Kalkhoven, on rumors of Ganassi and George pursuing Cosworth: “I seem to have an amazing propensity for dodging bullets, particularly when they are not very well aimed.” Champ Car Newman/Haas Racing co-Owner Paul Newman: “The fact that they have bought Cosworth is obviously very important for Champ Car. All the momentum is going with us” (Toronto GLOBE & MAIL, 11/16). IMS VP/Communications Fred Nation said, “We did not aid or abet any effort to acquire Cosworth.” Cosworth Managing Dir Tom Routis said that five of the 60 bids for the group “merited serious consideration.” Ford Group VP/Global Product Development & Chief Technical Officer Richard Parry-Jones said, “Our decision was very heavily weighted on the impact the new owners would have on the employees and the sport. Kevin and Jerry moved quickly and were able to complete the deal on time, which was important because [F1] had a deadline of Nov. 15 for registration for the championship” (ESPN.com, 11/15).
DOLLAR STORE: In N.Y., Paul Tharp notes Ford also sold the Jaguar Racing F1 team to Red Bull Monday. While terms were not disclosed, sources said that Ford sold the team for $1 with a pledge that Red Bull invest at least $400M into the team over the next four years. Sources indicated it cost Ford $2.6M a week to run the team (N.Y. POST, 11/16).