INDIANAPOLIS -- Championship Auto Racing Teams filed for Chapter 11 bankruptcy reorganization as part of a buyout that would continue the open-wheeled car racing series but eventually phase out the CART name.

CART filed for reorganization in U.S. Bankruptcy Court on Tuesday, one day after the league's board of directors approved the buyout offer from Open Wheel Racing Series LLC.

Open Wheel Racing announced a separate deal Wednesday to acquire the Trans-Am Racing series from a subsidiary of the Sports Car Club of America, based in Topeka, Kan. The purchase price for Trans-Am series was not disclosed.

Paul Gentilozzi of East Lansing, Mich.-based Rocketsports Racing, one of three CART team owners who formed Open Wheel, bought the marketing and promotion rights for Trans-Am Racing before last season. The deal gives Open Wheel Racing ownership of the series' racing operations effective Jan. 1, Trans-Am spokesman Justin Anderson said.

Meanwhile, an initial hearing in CART's bankruptcy was scheduled for Friday. Because the major details were worked out before the filing, the process was expected to be relatively smooth.

"It could take a couple of weeks or a couple of months, but for us it really doesn't matter. Essentially, we're doing our deal starting now," Gentilozzi told The Indianapolis Star for a story Wednesday.

The other partners in Open Wheel Racing are Kevin Kalkhoven, co-owner of PK Racing, and Gerald Forsythe, a co-owner of Team Players. The three partners own nearly 23 percent of CART's shares.

The series would continue to be based in Indianapolis and operate under the Champ Car World Series banner, with the CART name being phased out, Gentilozzi said. Current employees, including key management personnel, will be invited to stay on, he said.