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CART hires Wall Street firm

Updated: June 16, 2003, 7:28 PM ET
Associated Press

INDIANAPOLIS --The CART series would consider selling the company and has hired an investment banker to consider its options.

Indianapolis-based Championship Auto Racing Teams, Inc., a publicly traded racing league, hired Wall Street investment firm Bear Stearns on Monday to explore alternatives as the league adjusts to the loss of sponsors and other revenue.

"We nevertheless want to help our shareholders and the larger investment community in measuring CART's progress as the year unfolds ...

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