Following the departure of a number of top teams and engine manufacturers to the rival
Indy Racing League (IRL), CART declared bankruptcy after the 2003 season.
Gerald Forsythe,
Kevin Kalkhoven, and
Paul Gentilozzi founded Open-Wheel Racing Series LLC (OWRS) to bid on CART's assets and continue the series as its own entity. The IRL intended to bid a higher amount but had only committed to purchasing the series' Cosworth engines and the sanctioning contract for the
Long Beach Grand Prix, effectively to make the series untenable and allow a takeover on their terms. OWRS was successful, as its bid allowed the highest probability CART vendors would get paid. Once CART's assets were secured, the series began a major push to be able to field enough cars and drivers for the April Long Beach Grand Prix, with the final drivers announced just before practice began. The series featured three longtime CART teams,
Forsythe Championship Racing,
Newman/Haas Racing, and
Dale Coyne Racing. OWRS also became owners of the
Trans-Am Series and the
Atlantic Championship. Champ Car was able to maintain a full field and most of CART's street circuit sanctioning agreements for 2004. Champ Car eventually moved into a 'de facto' all road-course format. The series would experiment with dramatic rule changes, including special compound tires that were to be used for a fixed portion of the race, standing starts, and timed races. Both Champ Car and the IRL continued to suffer from reduced fields, sponsorship, and television ratings. Merger talks in 2006 were halted after disagreements regarding Champ Car's upcoming Panoz chassis and leaked details of a shared new series upset IMS. The
2007 season saw the withdrawal of Bridgestone and Ford as presenting sponsors and some race cancellations. By January 2008, both the IRL and Champ Car feared they did not have enough participating cars to maintain their TV and sanctioning contract minimums. After successful merger negotiations, in mid-February 2008, Champ Car authorized bankruptcy to facilitate a February 22 agreement in principle to merge with the IRL. The IRL purchased the CCWS's sanctioning contracts, the Champ Car Mobile Medical Unit, the series history, and
goodwill for $6 million, with Forsythe and Kalkhoven signing a
non-compete agreement in exchange for $2 million each. While the first "merged" event of the
IndyCar Series was the
GAINSCO Auto Insurance Indy 300 from
Homestead-Miami Speedway on March 29, 2008, due to a scheduling conflict with the
2008 Indy Japan 300, the
2008 Toyota Grand Prix of Long Beach was held on April 20, 2008, as a Champ Car sanctioned event using CCWS-spec Panoz-Cosworth cars and the winners getting IRL points, with the event described as a final celebration of CART/CCWS. As of 2025
Dale Coyne Racing is the only active team in the Indycar Series who had previously competed in the Champ Car Series in their team history. ==Television==