A month after reaching a major sponsorship deal that renamed the Championship Auto Race Teams Indy-car series, CART plans to go public.
CART said it has registered with federal securities regulators to sell nearly 4.6 million shares of common stock.
CART plans to use the proceeds to buy the American Racing Series and a related entity, the Troy-based open-wheel racing association said in a news release. The money also will help finance the league's "future acquisitions" and race-related ventures, CART said.
CART runs and sanctions a 19-race Indy-car racing series and the PPG Dayton Indy Lights Championships.