CART: Merger with OWRS in jeopardy

Championship Auto Racing Teams, Inc. announces that conditions of the
proposed merger with Open Wheel Racing Series are not likely to be
satisfied.

INDIANAPOLIS, IN - (December 2, 2003) - Championship Auto Racing Teams,
Inc. ("Championship" or "Company") (OTCBB: CPNT.OB) announced
today that representatives of Open Wheel Racing Series
("OWRS") informed the company that OWRS believes that a
number of conditions of the pending merger between the parties will not
be satisfied by the time of the special meeting of stockholders scheduled
for December 19, 2003. 

Championship has considered OWRS' position
and believes that it is unlikely that the condition requiring the absence
of a material adverse effect will be satisfied because it expects that
there will be a net decrease in the number of teams planning on
participating in the series for the 2004 season from the number that
participated in the 2003 season.  OWRS has indicated it will not waive
any condition of the closing. 

In light of the foregoing,
Championship's board of directors is evaluating available
alternatives to the merger, including the possibility of ceasing
operations, winding up the Company's affairs and liquidating its
remaining assets.  In addition, OWRS has made a preliminary proposal
contemplating an alternative transaction under which Championship and its
subsidiary CART, Inc., would commence reorganization cases under Chapter
11 of the Bankruptcy Code and OWRS would purchase certain assets of the
Company and/or CART, Inc., and assume certain liabilities.  

OWRS advised
the Company that under the OWRS proposal, OWRS would continue the Champ
Car Racing Series in 2004.  Although Championship is reviewing this
proposal there can be no assurance that any agreement will be entered
into or that any transaction, if completed, will result in any payments
to stockholders.



Open Wheel Racing Series is a newly formed holding company owned
indirectly by a group of investors including Gerald R. Forsythe, Kevin
Kalkhoven and Paul Gentilozzi. OWRS currently has beneficial ownership of
3,377,400 shares of Championship common stock, approximately 22.9% of the
outstanding shares of Championship.



About Championship Auto Racing Teams, Inc.
Championship Auto Racing Teams, Inc. (OTCBB: CPNT.OB) owns, operates and
markets the 2003 Bridgestone Presents The Champ Car World Series Powered
by Ford. Veteran racing teams such as Newman/Haas Racing,
Player's/Forsythe Racing, Team Rahal, Patrick Racing and Walker Racing
competed with many new teams this year in pursuit of the Vanderbilt Cup.
CART Champ Cars are thoroughbred racing machines that reach speeds in
excess of 200 miles per hour, showcasing the technical expertise of
manufacturers such as Ford Motor Company, Lola Cars, Walker Racing LLC,
(Reynard) and Bridgestone/Firestone North American Tire, LLC. The 18-race
2003 Bridgestone Presents The Champ Car World Series Powered by Ford was
broadcast by television partners CBS and SPEED Channel. CART also owns
and operates its top development series, the Toyota Atlantic
Championship. Learn more about CART's open-wheel racing series at
www.champcarworldseries.com.



Safe Harbor Statement

Statements made in this news release that state the company's or
management's beliefs or expectations and which are not historical facts
or which apply prospectively are forward-looking statements. Words such
as "may," "will," "expect," "believe," "anticipate," "forecast,"
"intend," "could," "would," "estimate," or "continue" or the negative
variation thereof or comparable terminology are intended to identify
forward looking statements. It is important to note that the company's
actual results could differ materially from those contained or implied by
such forward-looking statements. The risks and uncertainties to be
considered include, but are not limited to, the failure of the proposed
merger with Open Wheel to be completed for any reason, CART, Inc.'s new
co-promoted and self-promoted events; new television and advertising
arrangements; the success of events in new venues; participation by race
teams; the current uncertain economic environment and weak advertising
market; and availability in capital; among others. Additional information
concerning factors that could cause actual results to differ materially
from those in the forward-looking statements is contained in the
Company's SEC filings made from time to time, including, but not limited
to, the Form 10-K for the year ended December 31, 2002, as amended, and
subsequent 10-Qs. Copies of those filings are available from the Company
and the Company's website at www.champcarworldseries.com and the SEC and
the SEC's website at www.sec.gov.



Additional Information and Where to Find It

In connection with the proposed merger with Open Wheel, Championship
filed a definitive proxy statement with the SEC on November 19, 2003.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION REGARDING THE
PROPOSED MERGER. The definitive proxy statement was sent to stockholders
of Championship seeking their approval of the proposed transaction on or
about November 20, 2003. Investors and security holders may obtain a free
copy of the definitive proxy statement and other documents filed by
Championship with the SEC at the SEC's website at www.sec.gov. In
addition, copies of documents filed with the SEC by Championship may be
obtained free of charge by directing a request to J. Carlisle Peet, III
at 5350 Lakeview Parkway South Drive, Indianapolis, IN 46268.

The Company and its directors, executive officers and certain other
members of its management may be deemed to be soliciting proxies from its
stockholders in connection with the proposed merger. Information
concerning the interests of the Company's participants in the
solicitation is set forth in the definitive proxy statement. Investors
may obtain additional information regarding the interests of such
participants by reading the definitive proxy statement.

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