Cart's popularity has waned Cart seeks new owner

The embattled Championship Auto Racing Teams (Cart) series has received a buy-out offer.

Cart confirmed the bid was tabled by a group of investors which includes several team bosses.

The US-based series has struggled to maintain its profile because of competition from Indy Racing and Nascar.

Cart Inc chief financial officer Thomas L Carter said that Open Wheel Racing Series, a holding company, had offered to buy its outstanding stock for 50 cents per share.

"Although Cart has declined to sign the letter of intent, it is engaged in negotiations regarding a possible transaction," Carter admitted.

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

Carl Russo of the RuSports Team, racing in the Toyota Atlantic Series, and Motorock LLC are also part of the group.

Cart stock, which first traded at $20 a share in 1998 and hit a high of more than $30 in 1999, closed at $1.83 on 15 August on the New York Stock Exchange.

The company claimed in June that it believed it had sufficient funding for the rest of the season and 2004.