Texas Motor Speedway Settles with CART over Cancelled Race

Texas Motor Speedway Reaches Settlement Over Cancelled Race

Figure put as between $5 and $7 million

Fort Worth, Texas, October 16, 2001 -- Texas Motor Speedway and Championship Auto Racing Teams, Inc. (CART) reached an out-of-court settlement over the last-minute cancellation of a race last April. The Firestone Firehawk 600 was scheduled to be run at the Speedway on April 29, but CART officials called off the race a mere 2 hours before the start. Texas Motor Speedway had to issue refunds for over 60,000 tickets and sued CART for the purse, the $2.1 million sanction fee, and additional compensation for promotional expenses, lost profits, and other damages.

CART decided to cancel the Firestone Firehawk 600 amidst last-minute concerns for driver safety. After the qualifying rounds and several days of practice at the Speedway, 21 out of the 25 drivers complained of dizziness and disorientation. CART vehicles traveled at speeds over 230 miles per hour around the 1.5 mile track. The 24-degree banking of the Texas Motor Speedway is unprecedented steepness for CART racing. Officials concluded that the drivers were subject to G-forces extreme enough to cause loss of consciousness. Speedway officials urged CART to conduct testing at the facility months prior to the race, but CART did not act upon that suggestion.

A confidentiality clause in the settlement prevents disclosure of exact terms, but according to The Dallas Morning News, the figure was estimated to be between 5 and 7 million dollars. CART and the Texas Motor Speedway had a contract that included several other races through 2003, but the settlement annulled that agreement.

Speedway chairman Burton Smith said that CART and the facility "have reached a favorable agreement and are glad to have this behind us." Likewise, CART chairman Joseph Heitzler commented that he was "pleased to have reached a settlement" and added an apology to CART fans while maintaining that "under the circumstances, we believe it was absolutely the proper choice, " according to Reuters

Sources:
Stephen Hawkins, "CART, Texas Speedway Settle Suit," Associated Press, 10/16
"CART Settles Suit with Texas Motor Speedway," Reuters, 10/16
Terry Blount, "CART, TMS Settle Out-of-Court," Dallas Morning News, 10/17

Amy Armond