BANKRUPT: Champ Car World Series LLC officially filed for Chapter 11 bankruptcy in United States Federal Court, March 5. Champ Car will stage its final event April 20 in Long Beach, California, and it intends to continue in the management and possession of its business and property as a debtor-in-possession until its assets can be sold off to pay creditors. The company’s debt is estimated at less than $10 million and its assets are thought to be between $10–$50 million.
HE’S OUT: Two weeks after showing grand enthusiasm at the prospects of joining the Indy Racing League, former Champ Car team owner Derrick Walker has closed the doors to his shop, the result of his sponsorship from Team Australia and investor Craig Gore electing not to return to the team.
ALL OVER: The International Race of Champions is officially finished. The assets of the organization, which featured 12 all-star drivers in identically prepared race cars were sold off over the weekend at the Tinton Falls, New Jersey, shop of Jay Signore, who has operated IROC for more than 20 years.
F-1 RETURN: Indianapolis Motor Speedway officials are hopeful Formula One will return to the speedway in 2009 as part of the 100th anniversary of the famed race track.
THE FIRST ONE: Toyota got its first NASCAR Sprint Cup victory Sunday at Atlanta Motor Speedway when Kyle Busch led a one-two Toyota sweep with his Joe Gibbs Racing teammate Tony Stewart finishing second.
POWER RANKINGS: Kyle Busch won two out of three NASCAR races last weekend at Atlanta Motor Speedway, and his victory in the Sprint Cup race was the first in the series for Toyota. Busch leads the standings in both series and also leads the National Speed Sport News Power Rankings, which are published weekly in the 74-year-old motorsports publication.
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