Ganassi sued for not living up to $35 million debt

CHICAGO -- Prominent auto racing figure Chip Ganassi was accused in a federal lawsuit filed Tuesday of failing to pay his share of a $35 million debt linked to the construction of the Chicago Motor Speedway.

The multimillion dollar lawsuit filed by the Chicago-based National Jockey Club alleged that Ganassi failed to adequately fund the project and was trying to duck his share of the debt, according to a statement from the club.

Ganassi could not be reached for comment Tuesday evening. There was no public listing for Ganassi in Pittsburgh, where he lives, and he did not return a call made to his cell phone for comment.

The National Jockey Club and Ganassi agreed in 1998 to jointly fund the $70 million conversion of Sportsman's Park in Cicero from a horse track to a dual-purpose complex for both thoroughbred and auto racing, the statement said.

Charles Bidwill III, president of the National Jockey Club, alleges in the lawsuit that Ganassi and his company, Ganassi Group L.L.C., reneged on promises made in 2001 to provide funds needed to keep the Speedway operating.

"The project didn't work out, and now Chip feels he is not obligated to share the responsibility equally," Bidwill said in the statement. "He wants us to bear remaining losses including $35 million in bank debt. That's just not right."

Bidwill and his family owned the 66-year-old Sportsman's Park before it was sold to the Chicago suburb of Cicero for $16 million.

The Chicago Motor Speedway hosted Championship Auto Racing Teams and NASCAR Craftsman Truck events from 1999 to 2002.

Ganassi, a former CART driver, launched his Target Chip Ganassi Racing team in 1990. He also has an ownership stake in the Pittsburgh Pirates and is an executive with the FRG Group, a Pittsburgh-based company, according to his website.