It seems that Don Panoz was on the USRRC board when he became dissatisfied with how the ACO spec cars were being BoP'd, so he left and partnered with Andy Evans to be founder of the ALMS and part owner of PSCR (pre-1998 IMSA).
Several teams then were dissatisfied with Evans' management of the series (probably including Audi and Corvette Racing, among several other major entrants), so Panoz bought out the PSCR from Evans entirely and renamed it IMSA for the final couple of ALMS rounds in '01 and the revived IMSA name stuck, which takes us to the present day ownership of IMSA and the ALMS.
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