CART Financially troubled series planning 15 races for next season

The series suffered $43.5 million in losses already this year.
MIAMI (AP) -- Races are being planned at 15 sites for next year, with up to six more hoping to join that list.
A group pledged millions to assume ownership of the financially troubled series. Talks are under way to improve the TV contract.
Say this much for CART: If it's going down, it's going down with a fight.
There's no question that the racing series is in serious trouble, with $43.5 million in losses the first half of this year. That was accumulated primarily by paying for TV time and helping fund teams.
But some in the struggling series believe better days are approaching, especially if the proposed sale of CART to a group led by three team owners is completed in the coming weeks.
"Everything that I hear about what's happening is very, very good," said Mario Andretti, who won 52 CART races as a driver. "A lot of things probably are not happening as fast as you'd like to see them happen, but it looks to me like they're going in a positive direction."
Drivers have uncertain future
Andretti was at last week's Grand Prix of the Americas in Miami, with CART, Toyota Atlantic, American Le Mans and Trans-Am series events. Many drivers involved in those series have an uncertain future, are losing sponsors and have cash flows so tight that spare parts are tough to come by.
"At this point," Toyota Atlantic driver Ryan Dalziel says, "I'll be happy to drive anywhere next year."
Enter Open Wheel Racing Series LLC, a group headed by CART owners Gerald Forsythe, Paul Gentilozzi and Kevin Kalkoven. They want to buy the series, take it private and ensure racing continues in 2004 and beyond. Forsythe owns about 3.4 million shares of CART stock, or 22.9 percent of the company's outstanding shares.
No one is certain how long the sale process will take. Open Wheel will file required paperwork to the Securities and Exchange Commission for review next week. After that, stockholders will vote on the plan and ultimately decide CART's future.
"We're buying this because we think it's a good company and a good concept," Gentilozzi said. "It just needs some fixing."
CART, now a public company, reported in a quarterly SEC filing in August that it does not plan to keep giving money to teams -- and acknowledged that means there's no guarantee there will be a 2004 CART season. CART gave all of its teams money in 2003, about $24 million in the first six months alone.
TV package is costly
Another major liability has been CART's TV package. The series pays for all production costs, plus buys the airtime for races on CBS. In the first half of the year, television revenues brought $903,000 into CART's coffers, while expenses totaled $7.4 million.
"The most important thing is a better TV package, because with that will come new sponsors and then everyone will be better off," driver Bruno Junqueira said. "If we get that, we'll be all right."
CART's troubles began in 1996 with the creation of the Indy Racing League, a rival series which has lured several CART officials, drivers, owners, engine suppliers and sponsors.
Still, CART has remained afloat, surprising some. And some new marketing schemes already are emerging as the series tries to bridge the gap with IRL.
Miami's racing weekend was the first marriage of CART and Motorock, a company which organized and promoted two concerts -- by Kid Rock and Elton John -- that brought an estimated 20,000 additional people to the track.