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May 02, 2000|Bloomberg News

Gerald Forsythe, a director at Championship Auto Racing Teams Inc. (MPH), reported Monday that he has raised his company stake and vowed to explore opportunities to increase its sputtering share price. Forsythe and an affiliate increased their Championship holdings to 6.2% from 2.6% through the purchase of 563,000 common shares, according to a Schedule 13D filed with the SEC. Championship shares Monday rose 69 cents to $20.94 on the New York Stock Exchange. Still, the stock is down about 32% in the last year. Championship, based in Troy, Mich., owns and operates the FedEx racing series, which includes contests in several countries. According to the SEC filing, Forsythe and his racing company bought the shares between March 7 and April 19. The investors paid a total of $11.4 million, about $20.25 a share.

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