IRL president makes bid to unify all American open-wheel racing

INDIANAPOLIS (AP) -- Indy Racing League president Tony George says he believes it is time to unify American open-wheel racing and that's why he is bidding for some of the assets belonging to the bankrupt Championship Auto Racing Teams series.
George explained his decision in an open letter to fans that appeared on the IRL's Web site Monday.
"If we are successful with our bid, our intention is to work quickly and effectively to create a unified market-driven North American open-wheel series," George wrote in the letter, dated Jan. 23.
CART, which filed for Chapter 11 bankruptcy protection last month, has agreed to sell all its assets to Open Wheel Racing Series LLC for $1.6 million. Because the proposed sale also calls for Open Wheel to assume some liabilities, including 2003 prize money owed to teams, the total purchase price would be about $3 million.
On Thursday, less than 24 hours before the bidding deadline, the IRL made a "substantial" offer on some of those assets.