Michigan Court Awards $48 Million to CART
Finds ISL breached contract to pay marketing deal
Detroit, December 11, 2001 -- An Oakland County (Mich.) Circuit Court has awarded $48 million in compensatory and consequential damages to Championship Auto Racing Teams, Inc. (CART), in a lawsuit involving ISL Marketing AG.
The breach of contract suit, which had been filed in February, originally sought more than $100 million in damages, according to a report by Speedvision.com. It alleged that Swiss-based ISL, neglected to pay CART more than $6 million last year, as stipulated by contract. In addition, the suit claimed ISL also failed to live up to the terms of their nine-year deal, which had been set to expire after the 2006 season.
"We're pleased with the outcome, and believe this is one of the largest awards in Oakland County history," said CART senior vice president of legal affairs. Since 1998, ISL had been contracted as CART's exclusive worldwide marketing agent, and with the responsibility of seeking sponsorship. Its obligation was to pay CART a guaranteed sum each year.
Source: Speedvision.com
David Burkey
E-mail: daveywriter@hotmail.com
Home | Introduction
| Current Articles | Archived
Articles | Sportslaw History |
Sportslaw Jargon | Mark's Bio
| Letters to Editor | Register
| Search the Site
Mark's Sportslaw News © 2001 Mark Conrad. All Rights Reserved. For more information and comments on this article and other sports law issues, send e-mail to: mail@sportslawnews.com.