IRL: Eddie Cheever Jr. becomes sole owner Cheever Racing.

INDIANAPOLIS, Ind. (May 25, 2002) - Eddie Cheever Jr. and Clyde Perlee have agreed to end their four and a half year partnership in Red Bull Cheever Racing. Cheever will acquire Perlee's interest in the team giving him sole ownership.

"I first met Clyde through a letter he wrote to me," Cheever said. "That letter turned out to be a great gift, as Clyde has become a dear friend. He has been instrumental in the growth of Red Bull Cheever Racing these past four years.

"I will always be grateful for Clyde's financial backing," Cheever continued, "but above all else he instilled solid business principles and procedures in our team that are now a part of our culture. His influence will remain with this company far into the future."

Cheever and Perlee joined forces at the end of the 1997 Indy Racing League season and enjoyed substantial success in subsequent years including winning the 1998 Indianapolis 500.

"Being part of a winning race team, competing in the increasingly popular and successful IRL has been a great experience," noted Clyde Perlee. "We learned so much and have made many life-long friends. Of course, winning Indy in 1998 was a dream come true, especially for someone like me, who was born in Indianapolis and attended his first 500 as a small child.

"Eddie is a great driver and competitor who brings the same passion and determination he shows on the track to business and all aspects of his life," Perlee continued. "He has been a good partner and friend. I will miss working with him, Dick Caron, and the entire team. But now, I feel it's time for me to pursue other dreams."

Perlee, formerly publisher and editor in chief of West Educational Publishing, was primarily involved in the business side of the partnership, contributing strategic planning, legal, financial and marketing expertise. He will remain as a consultant for the balance of the 2002 Indy Racing League championship.

Red Bull Cheever Racing, based in Indianapolis, is the brainchild of 1998 Indy 500 champion Eddie Cheever Jr. A leader in American motorsports, the Indy Racing League team is built on Cheever's experience in Formula One, sports cars and open-wheel oval racing. Corporate and technical partnerships with the world's leading energy drink Red Bull, Nissan North America's Infiniti Division, TWR Group and Lincoln Financial Group greatly enhance the team's resources and technology.

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