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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 16, 2000
CHAMPIONSHIP AUTO RACING TEAMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13925 38-3389456
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
755 West Big Beaver Road, Suite 800
Troy, Michigan 48084
(Address of principal executive offices, with zip code)
Registrant's telephone number, including area code: (248) 362-8800
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ITEM 5. OTHER EVENTS.
On June 16, 2000, Championship Auto Racing Teams, Inc. (the "Company")
issued a news release with respect to changes in its senior management, a copy
of which is attached hereto as Appendix A, and incorporated herein by this
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 27th day of June, 2000.
CHAMPIONSHIP AUTO RACING TEAMS, INC.
By: /s/ Randy K. Dzierzawski
---------------------------------
Randy K. Dzierzawski,
Chief Financial Officer
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APPENDIX A
FOR IMMEDIATE RELEASE
Contact: Randy K. Dzierzawski, Ron Richards or Mike Zizzo (248) 362-8800
CHAMPIONSHIP AUTO RACING TEAMS, INC. APPOINTS BOBBY RAHAL AS INTERIM CEO TO
REPLACE ANDREW H. CRAIG
DETROIT (June 16, 2000) - Championship Auto Racing Teams, Inc. (NYSE:MPH)
announced today that Andrew H. Craig, Chairman, Chief Executive Officer and
President, has resigned his offices with the Company to pursue other business
alternatives. At the request of the Company's Board of Directors, Mr. Craig, who
joined the Company in 1994, has agreed to remain as a consultant for the Company
for a period of 12 months.
The Company also announced that three-time CART driving champion and Team Rahal
owner Bobby Rahal will serve as the interim President and CEO pending selection
of a new Chief Executive Officer. The Company also announced that James F.
Hardymon has been elected by the Board of Directors to the position of Chairman
of the Board. Mr. Hardymon was formerly the Chairman and Chief Executive Officer
of Textron, Inc.
Mr. Hardymon stated: "The Board of Directors wishes to thank Mr. Craig for his
outstanding efforts in moving the Company forward during the last six years,
including his significant role in the Company's initial public offering in
1998."
Mr. Craig stated: "I have enjoyed my six years at Championship Auto Racing
Teams. During this time, the Company has grown from a privately-held company
with revenues of approximately $25 million to a publicly-held company almost
three times the size. However, a motorsports sanctioning body is only as good as
its race teams, and it is a great tribute to them that the Company has prospered
over the years. I now want to move in another direction, but I remain committed
to assist the Board in a consulting capacity during the transition."
Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the
FedEx Championship Series. Champions Juan Montoya, Michael Andretti and Jimmy
Vasser are among the drivers who battle for the FedEx Championship Series title
on oval circuits as well as temporary and permanent road courses. CART also owns
and operates its top two development series, the Dayton Indy Lights Championship
and the Toyota Atlantic Championship. Learn more about CART's open-wheel racing
series at www.cart.com .
This press release may contain "Forward-Looking Statements" within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act. All
statements other than statements of historical facts included in this release
may constitute forward-looking statements. Although the parties believe that the
expectations reflected in such forward-looking statements
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are reasonable, they can give no assurance that such expectations will prove to
have been correct. Actual results may differ materially from the parties'
expectations due to changes in corporate performance, industry factors,
continued due diligence by the parties, and other operational and economical
factors. Additional information on potential factors that could affect the
Company's financial results are included in the reports filed with the SEC,
including its Form 10-K.
