Team Sports Entertainment [TRAC] announced today, effective immediately, it has discontinued its efforts to develop, own, operate and sanction an automotive racing league. As previously discussed, the Company’s business plan provided that its ability to continue to pursue the creation of a racing league and begin racing in May 2004 would depend upon its successfully selling operating rights for six teams and sufficient league sponsorship packages by September 30, 2003. Following extensive and ongoing discussions between management and the Company’s various consultants, the Company’s Board of Directors has concluded that such sales are not possible within the necessary time period.(see full story on the TRAC Site or at Yahoo ) see past news on my TRAC page .(8-26-2003)
