INDIANAPOLIS -- The buyers of Championship Auto Racing Teams expressed confidence Wednesday that they can quickly bring the CART open-wheel series out of bankruptcy and run the 2004 season with at least 15 races and 18 cars.

The comments came hours after CART's buyers, Open Wheel Racing Series LLC, announced a separate purchase of the Trans-Am sports car racing series, and a day after CART filed for Chapter 11 protection under terms of Open Wheel's buyout agreement.

Open Wheel's principal owners said in a teleconference that they expected support from creditors and an Indianapolis-based bankruptcy judge's quick approval of a reorganization plan that would put publicly traded CART under private ownership.

Under the so-called "prepackaged" bankruptcy, Open Wheel will acquire all of CART's assets -- including equipment as well as sponsorship, team and promotion contracts -- while assuming some liabilities, including $2.7 million owed in prize money to teams that took part in the 2003 season.

"This can be fast-tracked extremely quickly," said Kevin Kalkhoven, co-owner of PK Racing and one of Open Wheel's three principal owners along with Gerald Forsythe and Paul Gentilozzi. "We expect a response from the court literally in days ... This is something that will be handled with speed and done extremely quickly."

The deal replaces an earlier proposal that would have allowed CART to avoid bankruptcy, with Open Wheel paying $7.4 million for all of CART's outstanding stock. Open Wheel replaced that deal with the new agreement after too few teams committed for the 2004 season to meet the original purchase conditions.

The new agreement "is cleaner, and it's fast, and time is of the essence here," Kalkhoven said.

Kalkhoven and Gentilozzi said the new arrangement reduces uncertainty that hampered planning for a 2004 season and left teams reluctant to commit.

In November, CART announced a 19-race schedule for 2004, but has since postponed the season-opening Grand Prix of St. Petersburg.

Gentilozzi now expects 15 to 17 races beginning April 18 at Long Beach with at least 18 cars. OWRS will stay based in Indianapolis and keep the Champ Car World Series title but drop the CART acronym.

"We're working with the city of St. Petersburg to reschedule and we're investigating May but maybe go to the fall," said Gentilozzi, who confirmed Miami and Fontana, Calif. would not be part of the '04 schedule. "We're also committed to racing in Las Vegas.

"Where in Las Vegas and what kind of track I can't tell you that right now. Do we go to Las Vegas Motor Speedway (oval)? We're investigating an event with a major casino adjacent to the strip. But we'll definitely move if off that May date."

As for car count, Gentilozzi declared: "We're confident we will have the required number of cars (18) to satisfy promoter agreements. We've got teams returning and new teams and the only team I know of for sure that's not coming back is American Spirit."

OWRS will again have to buy television time for selected races on CBS and a new cable partner -- Spike instead of Speed.

In October, CART announced it lost nearly $78 million in the year's first nine months, and warned that it would have to halt operations if the takeover was not completed. CART has been on a downward spiral, in part because of the creation of the rival Indy Racing League in 1996.

Earlier Wednesday, Open Wheel Racing announced it is acquiring the Trans-Am Racing series from a subsidiary of the Sports Car Club of America, based in Topeka, Kan. The purchase price was not disclosed.

Gentilozzi bought the marketing and promotion rights for Trans-Am Racing before last season. The deal announced Wednesday gives Open Wheel Racing ownership of the series' racing operations effective Jan. 1.

Information from The Associated Press and Robin Miller was used in this report.