UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (date of earliest event reported)        May 26, 2005         
                                                ------------------------------


                      Championship Auto Racing Teams, Inc.
             (Exact name of registrant as specified in its charter)

Delaware                                 1-13925                 38-3389456 
--------------------------------------------------------------------------------
(State or other jurisdiction           (Commission             (IRS Employer
of incorporation)                      File Number)          Identification No.)


5350 Lakeview Parkway South Drive, Indianapolis, IN                 46268   
--------------------------------------------------------------------------------
     (Address of principal executive offices)                     (Zip Code)



Registrant's telephone number, including area code     (317)  715-4196 
                                                   -----------------------



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act 
      (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act 
      (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the 
      Exchange Act (17 CFR 240,14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the 
      Exchange Act (17 CFR 240,13e-4(c))




ITEM 8.01 OTHER EVENTS AND ITEM 7.01 REGULATION FD DISCLOSURE

On May 26, 2005, Championship Auto Racing Teams, Inc. issued a press release
announcing that the bankruptcy of its subsidiary is complete and a distribution
has been made to Championship Auto Racing Teams, Inc. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

The following exhibits are incorporated by reference as part of this Report:



         Exhibit                    Description of Exhibit
         -------                    ----------------------
           99.1                Press Release dated May 26, 2005







                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 26th day of May, 2005.




                      CHAMPIONSHIP AUTO RACING TEAMS, INC.



                            By: /s/ Thomas L. Carter
                                --------------------
                                Thomas L. Carter
                             Chief Financial Officer