New CART owners eliminate Miami race

MIAMI (AP) -- The new owners of the financially strapped CART open-wheel series have eliminated the downtown Miami race.

The race will not be included in the 2004 Champ Car World Series schedule, said Paul Gentilozzi, one of three partners in the Open Wheel Racing Series LLC that is purchasing most of CART's assets and will take over the 25-year-old series.

"I've raced (in Miami) a long, long time," Gentilozzi said Wednesday. "It's a wonderful event, and I love going there. But we made a business decision based on overhead costs of running a race in the center of an urban environment."

Gentilozzi did not rule out the possibility of returning to South Florida. The race drew 70,000 fans in September, but lost $9 million in its first two years of existence.

On Tuesday, as part of the buyout deal with Open Wheel Racing Series, the publicly owned CART filed for Chapter 11 bankruptcy reorganization in U.S. Bankruptcy Court in Indianapolis.

Open Wheel Racing Series agreed to purchase specific assets, including contracts with promoters, sponsors and teams.