Chip Ganassi Sued by Chicago Motor Speedway Partner, National Jockey Club.Business Editors CHICAGO--(BUSINESS WIRE)--June 1, 2004 One of America's most prominent auto-racing personalities, Chip Ganassi Floyd "Chip" Ganassi (born May 24, 1958 in Pittsburgh, Pennsylvania and educated at local Duquesne University) is a former American racecar driver and current racecar owner. , reneged on a multi-million dollar agreement, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a lawsuit filed today. Chicago-based National Jockey Club sued its Chicago Motor Speedway The Chicago Motor Speedway located in Cicero, just outside of Chicago, Illinois, was built in 1999 by a group including Chip Ganassi, owner of Chip Ganassi Racing. In 2002 the 1.029 mile oval shaped track suspended operations due to financial conditions in the motorsports industry. partner Ganassi and his company, Chip Ganassi Group, L.L.C., for failure to pay their share of over $35 million in project debt. In the suit, filed in Federal Court in Chicago, National Jockey Club seeks several million dollars in damages. "Our partner reneged on commitments," explained Charles Bidwill Charles W. Bidwill, Sr. (September 16, 1895 - April 19, 1947), sometimes known as Charley Bidwill, was an owner of the NFL's Chicago Cardinals. A successful businessman in Chicago, Illinois, Bidwill was also vice president of the Chicago Bears. , III, President of National Jockey Club. "We invested in the $70 million Chicago Motor Speedway project as equal partners. The project didn't work out, and now Chip feels he is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to share the responsibility equally. He wants us to bear remaining losses including $35 million in bank debt. That's just not right." The 1998 venture between National Jockey Club, owned by the Bidwill family, and Ganassi, converted the Bidwills' Sportsman's Park horse racing facility in the Chicago suburb of Cicero to a dual purpose horse and motor racing facility. Races, including Championship Auto Racing Teams ("CART") and NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. Craftsman Truck events were held at the Speedway from 1999 through 2002. According to the lawsuit, in 2001, the Ganassi interests reneged on promises to provide funds necessary to keep the project afloat and never again materially contributed. "We entered into this project with high hopes and expectations," noted Bidwill. "It's disappointing Chip wanted an equal interest in profits, but refuses to bear the burden equally." |
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