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How much will CART spend to stay in GAME?

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  • How much will CART spend to stay in GAME?

    *1.7 million to Chip to run Dixon
    *Slashing Rockingham's sanction fee by almost $2 million
    *Picking up $900,000 in travel expense that Lausitzring used to pay
    *Spending $4 million to buy Cosworth engines for next year
    *Giving ISC $250,000 for the right to the last race of the year and movin it to Mexico
    *Guaranteeing a $2 million municipal loan to Raceworks
    *Receiving only $125,000 from the Mexico City promoter
    *Renewing the Miluwaukee Mile contract until 04 at a 10% increase but with no annual escalator
    *Allowing Milwaukee Mile promoter the option to stage the race in 03/04
    *Distributed $667100 in assistance to certain teams to ensure their necessary participation
    *John Judd filing suit for $20 million in damages
    *$630,000 Lausitzring failed to pay by last Jan. 1
    *The reconciliation of the March 6 financial guidance by CART CEO Chris Pook and the multi-million-dollar losses on its CBS/Speed contract,the self-promoted Chicago race, and the constant growing General & Administrative

    Man, who is running that League? Investor's are pulling out and stock prices continue to fall! It sure does not look good for CART.

    I for one would like to see them turn it around, but get out of oval track racing. Time will tell.
    Team KELLEY ROCKS! Get well soon Jason! Three in top ten at KY. Way to go Scott, Al, and Tony!

  • #2
    Looks like they are willing to spend the whole war chest.
    Is it May yet?
    Take me back to a world gone away-James Pankow

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    • #3
      this fish smells old

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      • #4
        I think everything you stated added up to about $10M (not including the Judd suit, which I have heard/seen nothing about). Considering they're going to add races and the teams are going to pay back the engine costs, that leaves $5M or less in losses. At that rate (offset by the interest generated the $120M they have generates), I'd say for a long, long, very long time.
        "Don't believe the hype!"

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        • #5
          Originally posted by stnkypete:
          <STRONG>this fish smells old</STRONG>
          Not only is it old, it is poorly written. If you're going to fish through SEC filings for dirt, at least get it right!

          *1.7 million to Chip to run Dixon
          *Distributed $667100 in assistance to certain teams to ensure their necessary participation

          Um.... the $667,000 was the payments to Chip to run Dixon.

          *Giving ISC $250,000 for the right to the last race of the year and movin it to Mexico
          *Receiving only $125,000 from the Mexico City promoter

          The Mexico City promoter agreed to pay half of whatever ISC wanted to allow another race to be the season finale. (And, if you read the filing, they don't count sanction fees as income until the race happens.)

          Of course, if we opened up the NASCAR books, the IRL books, or the F1 books, we'd also find some "curious" happenings over the years.

          P.S. Hi 'bird!

          Comment


          • #6
            Originally posted by JoeBob:
            <STRONG>

            Not only is it old, it is poorly written. If you're going to fish through SEC filings for dirt, at least get it right!

            *1.7 million to Chip to run Dixon
            *Distributed $667100 in assistance to certain teams to ensure their necessary participation

            Um.... the $667,000 was the payments to Chip to run Dixon.

            *Giving ISC $250,000 for the right to the last race of the year and movin it to Mexico
            *Receiving only $125,000 from the Mexico City promoter

            The Mexico City promoter agreed to pay half of whatever ISC wanted to allow another race to be the season finale. (And, if you read the filing, they don't count sanction fees as income until the race happens.)

            Of course, if we opened up the NASCAR books, the IRL books, or the F1 books, we'd also find some "curious" happenings over the years.

            P.S. Hi 'bird!</STRONG>
            It seems strange that the stock keeps falling in value. One would think, with your optimism, that you would be buying the stock as soon as it came on the market and the price would be going up instead of down
            Gary Crossno

            Comment


            • #7
              Optimism and fiancial stupidity aren't synonyms.

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              • #8
                After the ratings from this past weekend, they have no worries. The sponsor dollars will be rolling in.

                For anone who didn't see them, they pull a massive .3, 157,000 households.
                http://www.motorsportstv.com/08222002.htm

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                • #9
                  Originally posted by flagman:
                  <STRONG>For anone who didn't see them, they pull a massive .3, 157,000 households.
                  http://www.motorsportstv.com/08222002.htm</STRONG>
                  Hey Defender, I am thinking of a word to discribe these ratings and it starts with "E". Care to venture a guess? I'll even give you a hint. It was once used to describe a track-blocking pile up at the Long Beach Hairpin by Mr. Varsha.

                  [ August 22, 2002: Message edited by: stnkypete ]

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                  • #10
                    157K households certainly isn't a "0.3" rating for ABC or ESPN- it would be more like a 0.15 or a 0.2, to compare with numbers we're used to seeing in these discussions.

                    I think the quals out-did the race itself just because the difference is within the statistical precision of the model- must be +/- 0.1 or so.

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                    • #11
                      Whatever it takes, before it is over the engines will be 100% cost free IMO.

                      It will be a total waste of money and effort, the end result won't even resemble what they have now, flawed as it is. The fans won't buy what they are selling.

                      [ August 22, 2002: Message edited by: Mackie ]

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                      • #12
                        The funny thing about this is that CART can't even play the bogus "rating" game, like they usually do when they just provide ratings and no households. How can you get a lower rating on Speed than ESPN or ESPN2 when the total households are much smaller?
                        "You make one **** of a caucasian Jackie." The Dude Lebowski

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                        • #13
                          Frodo nailed it. CART will spend every penny they have to prop up the FedEx Championship Series. Then the question becomes will anyone step forward like Roger Penske did and cover CART's losses out of their pocket?

                          Roni didn't cover CART's big losers, the tv deal and ESP. Additionally, there is a lot more money going to flow out via (co)-promotions than Chicago and Rockingham.

                          Rahal, Heitzler, and Pook have managed to take a company that was making $15 million a year and turn it into one that may very well lose twice that much next year.

                          Two more years.
                          I wish I knew - Dennis "Cutty" Wise

                          When its game time, it's pain time! - Terrible Terry Tate

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                          • #14
                            Originally posted by stnkypete:
                            <STRONG>Hey Defender, I am thinking of a word to discribe these ratings and it starts with "E". Care to venture a guess? ....</STRONG>
                            Effluent?

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                            • #15
                              cart forum rev?
                              SENسR MODERATOR......

                              "Better To Be Judged By Twelve Than Carried By Six"
                              " Only Those Who Will Risk Going Too Far....Can Possibly Find Out How Far One Can Go "...T.S. Elliot....

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