UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



       Date of Report (Date of earliest event reported): December 16, 2003



                      CHAMPIONSHIP AUTO RACING TEAMS, INC.
             (Exact name of registrant as specified in its charter)



Delaware                          1-13925                    38-3389456
(State or other                   (Commission                (IRS Employer
jurisdiction of                   File Number)               Identification No.)
incorporation)



                         5350 Lakeview Parkway South Dr.
                             Indianapolis, IN 46268
             (Address of principal executive offices, with zip code)



       Registrant's telephone number, including area code: (317) 715-4100


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ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE


         On December 16, 2003, Championship Auto Racing Teams, Inc.
("Championship" or "Company") (OTCBB: CPNT.OB) announced that it has entered
into an Asset Purchase Agreement ("the Agreement") with Open Wheel Racing Series
("OWRS"). The Agreement would allow OWRS to purchase the assets of CART, Inc.
("CART") needed to operate the Champ Car World Series and the stock of
Pro-Motion Agency, Inc., a Championship subsidiary that operates the Toyota
Atlantics series. In addition, OWRS will assume from Championship and CART their
rights and obligations under certain promoter, sponsor and other contracts. If
the transaction is completed, OWRS intends to continue to operate the Champ Car
World Series and the Toyota Atlantic series. The total consideration that will
be paid if the agreement is completed is $3.0 million less $1.5 million in 2003
prize money to teams who are not affiliated with OWRS; which is an obligation of
CART being assumed by OWRS.

         The Agreement also terminates the previously announced merger agreement
that had been entered into between Championship and OWRS on September 10, 2003.
As a result, Championship will cancel the special meeting of its stockholders
regarding the merger agreement that was scheduled to occur on December 19, 2003.
It was reported previously that representatives of OWRS had advised Championship
it did not believe that certain conditions to close the merger agreement were
going to be met and, therefore, the merger would not be completed. Championship
considered OWRS's position and believes that the closing condition requiring the
absence of a material adverse effect could not be satisfied because of a
decrease in the number of teams planning on participating in the 2004 season.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

The following exhibit is incorporated by reference as part of this Report:

Exhibit         Description
-------         -----------

99.1            Press release dated December 16, 2003



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 16th day of December, 2003.

                                            CHAMPIONSHIP AUTO RACING TEAMS, INC.


                                            By: /s/ Thomas L. Carter
                                                ---------------------------
                                                Thomas L. Carter,
                                                Chief Financial Officer


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