"We have reached a favorable agreement and are glad to have this behind us," said Bruton Smith, chairman and CEO of track owner Speedway Motorsports Inc. "We're very happy for this to be concluded."

The inaugural Firestone Firehawk 600 was canceled two hours before it was to start April 29 because drivers complained of dizziness after practices earlier in the weekend. There were fears the drivers could loss consciousness while going more than 230 mph during the race.

A confidentiality clause in the settlement prevents TMS and CART from revealing details of the settlement, but it will cost CART millions of dollars.

TMS was seeking reimbursement of a $2.1 million sanctioning fee paid for the race that was never run, plus unspecified damages for promotional expenses and unrealized profits. The track issued refunds for more than 60,000 tickets after the cancellation.

Eddie Gossage, the track's general manager, has said only that the suit was for "millions and millions of dollars."

Settlement papers that may have provided financial details hadn't been filed by late Tuesday with the U.S. District Court in Sherman, the court's clerk said. The suit was moved to that court after initially being filed in Denton County, where the track is located.

CART and TMS had a three-year contract that included races on Labor Day weekend in 2002 and 2003, but the settlement canceled the remainder of that agreement.

CART hasn't finalized its 2002 schedule, but has announced it will race on a street circuit in Denver next year. That race will be held either on Labor Day weekend, Sept. 1-2, or the previous weekend, Aug. 25-26.

The settlement was announced in a joint statement from Joseph F. Heitzler, chairman and CEO of Championship Auto Racing Teams Inc., and Smith.

CART officials said 21 of 25 drivers experienced dizziness or disorientation during two days of practice on the 1½-mile track. The track's 24-degree banking was unprecedented for the Champ cars.

The cancellation over safety was a first in CART.

"We were disappointed to not be able to showcase our racing to all the fans who came out at Texas Motor Speedway," Heitzler said. "We again apologize to our fans for any inconvenience caused by our decision not to race. However, under the circumstances, we believe it was absolutely the proper choice."

A 1985 race at Michigan International Speedway was postponed because of concerns over the radial tires Goodyear was to introduce on the circuit. After three accidents before the race, several drivers refused to compete.

Goodyear solved the problem by withdrawing the radials, and the race was run safely six days later with bias-ply tires.

Gossage has said that CART would have known about the potential problems in Texas had it conducted open testing at the track.

In letters and faxes to CART officials months before the event, Gossage questioned whether the extreme speeds of about 230 mph would be safe. He had been assured CART was ready to race at his track.

CART officials based their evaluation of the track on testing by several teams.

The Texas track also promotes two IRL events each year, and has had no problems with slower Indy cars. CART engines are turbocharged, while IRL engines are normally aspirated and have less horsepower.