UPDATE: 4:45 p.m.

INDIANAPOLIS — Owners of Champ Car and the Indy Racing League completed an agreement in principle Friday that will unify the sport in time for the 2008 season.
Gerald Forsythe, co-owner of Champ Car, signed an agreement in principle in Chicago, joining his partner Kevin Kalkhoven and Indy Racing League founder and CEO Tony George who had signed late Thursday in Indianapolis.
Details of a press conference, which is expected to be held next week at Homestead-Miami Speedway, about the agreement will be forthcoming.
While other details and comments on the agreement were forthcoming, industry leaders, race drivers and team owners such as Bobby Rahal were quick to laud the agreement, which puts American open-wheel racing under one umbrella for the first time since the IRL and then CART split in 1995.
"This is a great day for open-wheel racing and one that I and my Rahal Letterman Racing team have looked forward to for a long time," said Rahal, whose son, Graham, is a driver for Newman Haas Lanigan Racing. "I applaud all of those that made this possible, but want to especially recognize all of those that made sacrifices and concessions to secure the future of open-wheel racing. I truly believe that this is the first step toward restoring open-wheel racing and the Indianapolis 500 to not only where it once was, but beyond."
Eddie Gossage, president of Texas Motor Speedway, was elated, but also preached caution.
"The fans have won, and we have to give Tony George and the Indy Racing League credit for making a generous offer to resolve this issue," said Gossage. "This is spectacular news, but we all have to be cautious because the act of unifying open-wheel racing in America is not a cure for all that ails the sport. It is a necessary and huge first step, but there is much work to be done."
For long-time open-wheel owner Derrick Walker, re-unification means a return to the Indy Racing League and a chance to make one open-wheel series relevant again.
“It’s been a long road, but it has finally come together," Walker said. "From a fan and sports business point of view, one open wheel racing series in the United States has long been recognized as what fans and sponsors want to have both series together, and I’m happy to say that Walker Racing embraces the decision."
Michael Andretti has seen the split from both sides - first, as a driver in the then CART series and now as a team owner in the IRL. His father, Mario, tried to broker an agreement only to be rebuffed late last year. Still, Andretti hails the news as the best thing for a sport struggling to find and keep sponsors and fans.
"This is a huge day for the IndyCar Series and for our sport as a whole, for sure. Over the years, whether I was in the role of driver, team owner or promoter, I have always wanted a unified sport, said Andretti. "That has been my only goal throughout this entire process and I applaud everyone who played a role in making this happen. So many people have worked tirelessly, both publicly and behind the scenes, to get this done. Everyone can now focus on taking the IndyCar Series to new heights for the good of our sport and everyone involved in it."
At least six former Champ Car teams with 10 cars have said they will make the jump to the IRL, taking advantage of George's offer of free cars and up to $1.2 million in funding to make the switch. Among the better-known drivers expected to be on the IRL grid when the season opens are Paul Tracy, Rahal and Justin Wilson.
Now, those drivers and teams will have only a short time to make the switch from the Panoz-Cosworth of Champ Car to the Dallara-Honda combination of the IRL. Like other Champ Car teams making the switch, the learning curve will be a tough one for Walker's group, which will test March 11-14 at Homestead-Miami Speedway.
“It’s going to be a rough old ride, because we don’t have the familiarity with the Dallaras and it’s a more experienced formula, but the bottom line is that it’s great news to put this thing together,” said Walker.

UPDATE: 1 p.m.

Champ Car Co-owner Kevin Kalkhoven left Indianapolis to honor a prior commitment without a deal with the Indy Racing League to bring the two warring open-wheel factions together.
IRL President Tony George said time is becoming a factor in the negotiations with IRL teams already heading to Homestead-Miami Speedway for a pre-season test. George told the Indianapolis Star that he was becoming "anxious" after the cancellation of a press conference scheduled for noon on Friday.
Officials are continuing their attempt to broker a deal, but no IRL officials have made themselves available for comment.

UPDATE: 9 a.m.

A press conference scheduled for noon today has been called off - at least temporarily as Champ Car and Indy Racing League representatives, including IRL President Tony George and Champ Car Co-owner Kevin Kalhoven, continue negotiations.
The IRL released the following statement this morning:
“The ongoing talks between the Indy Racing League and Champ Car World Series will continue into at least Friday in regards to the unification of open-wheel racing. Any confirmation of unification will be made once an agreement is in place. There are no plans for a news conference at this time. Much progress has been made toward unifying the sport.”
One sticking point in the negotiations reportedly still centers around the April 19 weekend, for which both the Champ Car Long Beach Grand Prix and the IRL's event at Twin Rings Motegi in Japan are scheduled.

Kevin Kokhoven (CCWS Photo)

George and Kalkhoven had a dinner meeting last night at the Eagle's Nest, a hotel rooftop restaurant in downtown Indianapolis while lawyers worked elsewhere on the final points of the deal that would put American open-wheel racing under the same umbrella for the first time since 1995.
The meeting between the two principals reportedly went well, but not well enough to continue with the scheduled press conference.

Feb. 21, 2008 - Kalkhoven, George Meet

The Indianapolis Star reported Thursday morning that Champ Car Co-owner Kevin Kalkhoven and Indy Racing League President Tony George are scheduled to meet face-to-face as negotiations between the two open-wheel factions continue toward a merger or acquisition of Champ Car by the IRL.
While representatives from the two sides have been working on an agreement, George and Kalkhoven have been absent from those meetings. Kalkhoven has been in England on family business, while George has been both in England for driver Scott Dixon's wedding and in Florida for a motorsports safety convention.
Kalkhoven told The Star that he is hopeful of getting a deal done.
"It's just grinding out the details," he said.
NSSN has learned that a press conference has been tentatively set for Friday.

Feb. 20, 2008 - Negotiations Are Ongoing

Reports out of Indianapolis say that officials from Champ Car and the Indy Racing League have reached a preliminary agreement for the initial steps of a merger between the two open-wheel racing factions or at the least an acquisition of Champ Car assets by the IRL.
An official announcement of the agreement, which will end the 13-year split between the two series, is expected on Friday.
Tony George, founder of the IRL and president of Indianapolis Motor Speedway, traveled with a contingent to Japan to try and reschedule the IRL’s April 19 date at the Honda-owned Twin Ring Motegi so that the IRL could include the coveted Long Beach Grand Prix — Champ Car’s premier event scheduled for the same weekend — on its calendar.
In addition to Long Beach, the IRL would conceivably fold several other prominent Champ Car dates into its schedule.
Though no announcement has been made, it is speculated that Honda officials are in favor of a single American open-wheel series and have agreed to accommodate the IRL, clearing one of the final obstacles for the agreement.
Since returning from Japan, negotiations have apparently proceeded quietly despite the fact that both George and Champ Car Co-owner Kevin Kalkhoven have both been in England to attend different functions.
SpeedTV.com’s Robin Miller initially reported that the merger had been agreed to early Tuesday morning.

UPDATE: 9:25 a.m.

The Indianapolis Star reports that negotiations between the two sides are still ongoing, with Kalkhoven in England and Tony George now in Florida at a motorsports safety convention.
"We are still trading drafts of a (possible) agreement," Fred Nation, spokesman for IRL founder Tony George, told the Star's Curt Cavin. "We are whittling away at the issues, but they have not been eliminated. We're optimistic these things can be resolved, but . . . it's always possible that (someone) will decide they don't want to (unify)."
According to the report, negotiations now center around finances, having moved forward from the April 19-20 weekend, which is currently the dates for the Champ Car Long Beach Grand Prix as well as the IndyCar event at Twin Rings Motegi in Japan.
Nation also said his staff is making preliminary plans for a news conference, which would probably take place no sooner than Thursday, when Kalkhoven is scheduled to return from a family function in England.

UPDATE: Feb. 20, 2:30 p.m.

Negotiations between Champ Car and the IRL are now in the hands of lawyers who are working out final details of an agreement that would fold several Champ Car World Series events and teams into the IRL, the Associated Press reported. It would appear that if no agreement has been reached, then it is imminent. NSSN has learned that an announcement is scheduled for Friday morning.
If a deal is reached — whether it be a merger or an acquisition — it would mark the first time American open-wheel racing has operated under the same umbrella since 1995.