Buckman leaves PDM Racing.

PDM Racing has announced a restructuring of the team ownership and has also welcomed an new associate sponsor.

Larry Arnold, who recently retired after 30 years with Bristol Myers Squibb and Company, has become a co-owner of PDM with Paul Diatlovich. Arnold replaces founding owner Chuck Buckman, who is currently working on a new project for 2002.

During his career with Bristol Myers, Arnold held senior financial executive positions with Mead Johnson and Company and with the BMS Pharmaceutical Group. Before his retirement he was vice president, finance and administration for the company's Pharmaceutical Research Institute.

"I am very happy to welcome Larry Arnold to the team," Diatlovich said. "He brings extensive knowledge of Indy cars as well as a very successful business background. I worked with Larry at Gohr Racing and Leader Card."

"I would like to thank Chuck Buckman for his role in creating PDM Racing. Chuck is an incredibly talented mechanic and has been a friend of mine for over 25 years. I wish him well."

Arnold added: "I am excited to be a part of PDM Racing. I am looking forward to working with Paul and the rest of the team. PDM Racing is known throughout the industry as a talented team. I credit this image to Paul's years of hard work. There is something special about PDM, and I look forward to the team's bright future."

PDM also announced that American Veterans (AMVETS) has joined the team as an associate sponsor for the entire 15-race Indy Racing Northern Light Series season in 2002.

AMVETS membership is open to all men and women who have served honorably in the US Armed Forces, Reserves, or National Guard on or after Sept. 15, 1940, and to those men and women who are currently serving in the US Armed Forces, active and reeserve. AMVETS provides programs and services available to veterans, and the group represents veterans in legislative efforts.

PDM, based in Indianapolis, also announced that Marketing Management Group will help the team with its sponsorship search. The new company played a key role in helping the team land AMVETS as an associate sponsor for the 2002 season.