Lawsuit and Settlement
Texas Motor Speedway owner, Speedway Motorsports, sued CART on May 8 for breach of contract. Damages cited included issuing refunds for over 60,000 tickets, purse, the $2.1 million sanction fee, and additional compensation for promotional expenses, lost profits, and other damages.
During the suit, it subsequently emerged that CART had ignored repeated requests to conduct testing at TMS before the aborted race. On October 16, the two parties settled for an undisclosed amount. Terms were not disclosed, but estimates were between $5–$7 million. A contract that included a race for 2002 and 2003 was annulled.
In the aftermath, the handling of the incident was widely criticized by fans and media. While the sanctioning body was commended by many for choosing not to put its drivers in danger the race was largely viewed as a debacle, a low point for the slumping series, and very damaging to the organization in the months and years to come. CART reported that it spent $3.5 million for the settlement and legal costs, resulting in a $1.7 million loss for the third quarter of 2001. CART declared bankruptcy and was sold in 2003, became known as Champ Car, and never attempted to return to Texas Motor Speedway. Ultimately it was absorbed into the Indy Racing League in 2008.
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