Cart's popularity has waned Owners make Cart bid

The struggling US based Cart series has agreed to a buy-out offer from a group of investors which includes several team owners.

Championship Auto Racing Inc, which sanctions the Cart series, confirmed it had accepted a 56 cents a share offer from Open Wheel Racing Series.

Those involved in Open Wheel Racing include existing Cart team owners Jerry Forsythe (Players Forsythe Racing), Kevin Kalkhoven - Craig Pollock's partner in PK Racing - and Paul Gentilozzi (Rocketsports).

The agreement is subject to the approval of shareholders.

Cart's president and chief executive officer Christopher Pook said the deal should secure the future of the embattled series.

"As we have previously disclosed, this past year has been incredibly difficult for championship," he said.

"We believe this transaction provides the best value available to stockholders while at the same time making it possible for our series to continue in the future."

Cart was founded in 1979 by a number of owners of Indy Car teams and went public as Championship Auto Racing Inc in 1998.

But recent years have seen famous Cart outfits including Penske Racing and Chip Ganassi Racing defect to the rival Indy Racing League.

They were followed by former Cart stalwart manufacturers Honda and Toyota.

At the same time, the Winston Cup Nascar series has surged in popularity with booming attendances and television ratings.