KC
5 May 2000, 21:27
Gerald Forsythe has purchased some CART stocks available and now has just over a 6% share in CART. In an article by the Detroit Free News Forsythe was quoted as saying....
"CART's potential is tremendous, and I can assure you I'll do everything possible from my position on the board to make sure the company grows to make my investment worth more," Forsythe said.
"Some programs we have and will implement this year will be key to growing to the next level."
The long-term investor, who wants progress over the next two years, shared his game plan:
* TV rights. Talks start this year on a new contract. "That's one of the areas we'll make substantial improvements and allow the company to be recognized around the world more than it is today," Forsythe said.
* New venues. "There are probably 10 that CART's board will decide on" one way or another.
* New marketing. CART's new chief marketer on Tuesday was slated to present his plans to the board.
"Those three -- if the board and management succeed in implementing those -- the value of CART stock will increase substantially," Forsythe said.
He bought 563,000 additional shares in March and April for between $18.50 and $22.75.
CART had record sales and profits in 1999.
"Expenses were in control" despite adding a record 20th race, Chief Financial Officer Randy Dzierzawski said. "We're looking for another strong year in 2000."
CART Chief Executive Officer Andrew Craig said the company has extended several contracts with race promoters that, in some cases, run through 2005.
He declined to comment on Forsythe's filing. Asked if he felt his job were threatened, Craig replied, "I've just been elected to the board."
If the board can present a unified front to TV companies and get a better TV package than the one the currently have they could do wonders for the series. CART as a business seems to be doing well, its just not reaching out to the fans that could become CART fans.
"CART's potential is tremendous, and I can assure you I'll do everything possible from my position on the board to make sure the company grows to make my investment worth more," Forsythe said.
"Some programs we have and will implement this year will be key to growing to the next level."
The long-term investor, who wants progress over the next two years, shared his game plan:
* TV rights. Talks start this year on a new contract. "That's one of the areas we'll make substantial improvements and allow the company to be recognized around the world more than it is today," Forsythe said.
* New venues. "There are probably 10 that CART's board will decide on" one way or another.
* New marketing. CART's new chief marketer on Tuesday was slated to present his plans to the board.
"Those three -- if the board and management succeed in implementing those -- the value of CART stock will increase substantially," Forsythe said.
He bought 563,000 additional shares in March and April for between $18.50 and $22.75.
CART had record sales and profits in 1999.
"Expenses were in control" despite adding a record 20th race, Chief Financial Officer Randy Dzierzawski said. "We're looking for another strong year in 2000."
CART Chief Executive Officer Andrew Craig said the company has extended several contracts with race promoters that, in some cases, run through 2005.
He declined to comment on Forsythe's filing. Asked if he felt his job were threatened, Craig replied, "I've just been elected to the board."
If the board can present a unified front to TV companies and get a better TV package than the one the currently have they could do wonders for the series. CART as a business seems to be doing well, its just not reaching out to the fans that could become CART fans.
