Open-wheel racing series continues to pursue the acquisition of C.A.R.T. INDIANAPOILS, IN - As previously announced on September 10, 2003, Championship Auto Racing Teams, Inc. (NYSE: MPH) and Open Wheel Racing Series LLC have entered into a definitive agreement providing for Open Wheel Racing Series to acquire Championship for cash equivalent to $0.56 per share, based on the number of shares of Championship common stock currently outstanding. Under the agreement, Open Wheel Racing Series had the right to terminate the agreement on or prior to September 18, 2003 in its discretion. Open Wheel Racing Series has decided not to exercise this termination right. The parties will therefore continue to pursue the completion of the transaction in accordance with the remaining terms of the definitive agreement. The transaction is still subject to various closing conditions set forth in the definitive agreement, some of which were described in a press release dated September 10, 2003. Championship has previously filed a copy of the definitive agreement with the Securities and Exchange Commission. Under the agreement, Championship's Board retains the ability to pursue and accept a superior acquisition proposal. However, Open Wheel Racing Series is entitled to receive a termination fee of $350,000 if Championship accepts a superior proposal or if Open Wheel Racing Series terminates the agreement because Championship's Board withdraws or adversely modifies its recommendation of the transaction to Championship's stockholders or takes action under its shareholder rights agreement to permit another person or entity to acquire 15% or more of Championship's stock. Championship is being advised by Bear, Stearns & Co. Inc. in connection with the transaction. Open Wheel Racing Series is a newly formed holding company owned indirectly by a group of investors including Gerald R. Forsythe, Kevin Kalkhoven and Paul Gentilozzi. Mr. Forsythe or entities owned or controlled by him currently have beneficial ownership of 3,377,400 shares of Championship common stock, approximately 22.9% of the outstanding shares of Championship. These shares willbe contributed to Open Wheel Racing Series rather than acquired for cash. Open Wheel Racing Series has previously stated that, if the transaction is completed, it intends to continue to operate the business of Championship, including continuing to sanction the motorsports series currently known as "Bridgestone Presents the Champ Car World Series Powered by Ford."