CHAMPCAR/CART: David Clare named CART's Chief Operating Officer

INDIANAPOLIS (December 18, 2002) - Championship Auto Racing Teams, Inc. (NYSE: MPH) announced today that David Clare will be joining the company in the newly-created position of Chief Operating Officer when it reopens for business following its traditional holiday break on Monday, January 6.

Clare, 47, will report to CART President and Chief Executive Officer Christopher R. Pook, and will oversee the Promoter Relations, Marketing/Sales, Racing Operations, and Communications departments. Pook will continue to be responsible for the operation of the entire company, but intends to concentrate on the areas of Finance/Administration, Joint Venture Operations and Legal Affairs.

"CART is fortunate to have found David, who has such a diverse field of experience," said Pook. "His guidance will be extremely beneficial to all of the departments in the company that he will now oversee. I am delighted to have David join us as we continue to grow CART and the sport of Champ Car racing to new levels over the next several years."

A native of Great Britain, Clare brings a wealth of experience in sports marketing, particularly in the world of motorsport. He most recently served as Director of Sports Marketing Asia/Pacific for Merit/Burson-Marsteller based in Seoul, South Korea. During this time he was responsible for domestic investor relations, sports marketing, and corporate and financial communications. His client list featured some of the major Korean corporations including SK Telecom, Hynix Semiconductor, Hyundai Group Restructuring Committee as well as a number of international sports and finance related organizations.

"I welcome this new opportunity enabling me to apply my motorsport and commercial experience and skills. I hope that I can make a significant contribution to Championship Auto Racing Teams, and I am gratified that the company has chosen me to be its Chief Operating Officer," Clare said. "I am excited that this new position will enable me to be directly involved in the day-to-day operation of one of the most challenging racing categories in the world. I believe that a talented group of individuals is already in place at CART, and I am especially enthusiastic about the prospect of working together with them," Clare went to comment. "The CART organization has made great progress over the 2002 season in defining its format and is now well-positioned to be able to maximize the huge potential of Champ Car racing including the continued evolution of its unique high-impact street racing events."

Prior to his tenure at Burson-Marsteller, Clare was Managing Director of his own company, Event Promotion International Limited, which specialized in international motorsport projects in Formula One, CART and NASCAR, as well as projects with automotive companies and suppliers, soccer, and sailing.

From 1987 through 1996, Clare was a direct deputy of Bernie Ecclestone with the Formula One Constructors Association. Clare's responsibilities included financial control, promotion and administration of FOCA and Ecclestone's corporations. As a result, Clare was actively involved in the administration of Formula One, Formula 3000, Sports Car & Rallying, and the Motorcycle World Championship as a liaison with teams, media and television companies, drivers, and federations. As part of his role he was responsible for the management and promotion of various Formula One and motorcycle events, including operations, marketing, sales, negotiations with circuits, federations, and government authorities. These events included the U.S. Grand Prix in Phoenix, Canadian Grand Prix in Montreal as well as the Hungarian, Belgian and German Grand Prix.

Prior to that, Clare worked with 2002 CART FedEx Championship Series title-winning co-owner Carl Haas at Formula One Race Car Engineering Ltd./Team Haas USA Ltd. as Accountant/Administrator from 1984-86. He worked with Haas on the Team Haas USA Formula One project, which was his second foray into the formation of a new Formula One team.

Clare's motorsport career began in 1979, as he was responsible for the finance and administration of Toleman Group Motorsport, which won the 1980 Formula Two championship before moving into Formula One in 1981. Drivers for the team included eventual Formula One legend Ayrton Senna, eventual Champ Car star Teo Fabi, Derek Warwick, and Bruno Giacomelli. He remained with Toleman Group until 1984.

Clare will relocate to CART's Indianapolis headquarters along with his wife, Nack Mi Paik, who is a native of South Korea.

Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the 2003 Bridgestone Presents The Champ Car World Series Powered by Ford. 2002 CART champion Cristiano da Matta led a bevy of open-wheel stars this past season competing with teams such as Newman/Haas Racing, Player's/Forsythe Racing, Team Rahal, Fernandez Racing, Patrick Racing, Herdez Competition, Mo Nunn Racing, Walker Racing and others. 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, Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 19-race 2003 Bridgestone Presents The Champ Car World Series Powered by Ford will be broadcast by television partners CBS, FOX and SPEED Channel. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com.

--CART--