In its third-quarter report filed with the Securities and Exchange Commission, CART revealed that there is a difference of opinion between two of the company's largest shareholders. Earlier, Jon Vannini notified fellow shareholders of his opposition to CART chairman, CEO and president, Joe Heitzler's plan for the open wheel sanctioning body.

Vannini has been amassing a sizable chunk of CART stock. He has publicly criticized Heitzler for the 2002 TV contract he negotiated as well as some of the recent rules and scheduling overtures made to the Indy Racing League. Vannini wants CART to pursue Toyota Grand Prix of Long Beach.

Another large shareholder, CART team owner and company director Jerry Forsythe, has filed a formal response through the SEC. In his 13D filing Forsythe stated that he strongly opposes Vannini's demand which would in effect dislodge Heitzler from his leadership position.

Forsythe explained that "if additional senior management is needed, the initiative should come from the Chief Executive Officer of the Company."

The battle between Jon Vannini, Jerry Forsythe and Joe Heitzler has just begun. CART fans should be concerned. It signals an instability that could lead to corporate coup.

Some additional items that Forsythe included in his SEC filing indicate that the troops are already massing at the palace gates. The Players Race Team owner advocates removal of some members of the company's board of directors because of "conflicts of interest."

Forsythe is one of the few owners who vehemently opposed Heitzler's decision to mandate a 3.5 liter normally aspirated engine plan for 2003. He has also been very unhappy with some of CART's recent marketing strategies.

A holder of 11.8 percent of CART's outstanding shares, Forsythe is a major player who must be dealt with. His additional call for the disbanding of CART's Franchise Board would, in essence, turn the way CART operates upside down.

If CART earnings continue their decline, Forsythe could easily mount a takeover. It happens all the time on Wall Street. Despite settling its lawsuit with Texas Motor Speedway, CART will be spending a lot of time in courtrooms. Two former CART franchise owners, PPI Motorsports and Della Pena Motorsports, each filed suit for $1 million in early November. Both claim that CART repudiated a Franchise Board agreement that team owners could auction their franchises to others.

CART is still dismantling its Dayton Indy Lights series and faces potential liabilities there as well.

If that wasn't enough contention for one company, another Franchise Board member, Barry Green, has demanded a review of the $50,000 fine CART's chief steward Chris Kneifel levied against his driver, Paul Tracy, for his actions at Laguna Seca.