Indianapolis, IN (My Sportsbook) - Open Wheel Racing Series owners increased their bid for the Chapter 11 Champ Car Series to $3.2 million, plus assuming some liabilities and was awarded all of the bankrupt Championship Auto Racing Team's assets.

In front of an overflow crowd at the downtown Birch Bayh Federal Building and U.S. Courthouse that included IRL founder and Indianapolis Motor Speedway owner Tony George and OWRS co-owners Paul Gentilozzi and Kevin Kalkhoven, bankruptcy court Judge Frank Otte told both sides of his decision.

Otte recessed the initial hearing so that IRL officials and OWRS representatives could discuss final bids.

OWRS said it has a 15-race schedule, 18 teams and a television contract ready to go.

In an open letter to racing fans on his internet site last week, George said "Clearly, it is in the best interests of open wheel racing to move forward into the 21st century with one series...Regardless of the outcome of our bid, the Indy Racing League will continue to adhere to our founding principles, will continue to be a predominately oval series, and will expand our existing schedule to include road and street races in North America.

"Our commitment is to rebuild what he (George), in essence, has destroyed (by starting the IRL)," said OWRS part-owner Gentilozzi. "His intentions had nothing to do with the future of open-wheel competition, but rather the future and profitability of his series."

Tony George and the IRL split from CART in 1996 creating two North American open-wheel series.