Eddie becomes sole owner of Cheever Racing.

Eddie Cheever Jr and Clyde Perlee have agreed to end their four-and-a-half year partnership in Red Bull Cheever Racing, with the former F1 driver acquiring Perlee's interest giving him sole ownership of the team.

Cheever and Perlee joined forces at the end of the 1997 Indy Racing League season and enjoyed substantial success in subsequent years including winning the 1998 Indianapolis 500.

"I first met Clyde through a letter he wrote to me," Cheever said, "That letter turned out to be a great gift, as Clyde has become a dear friend. He has been instrumental in the growth of Red Bull Cheever Racing these past four years.

"I will always be grateful for Clyde's financial backing but, above all else, he instilled solid business principles and procedures in our team that are now a part of our culture. His influence will remain with this company far into the future.

Perlee, formerly publisher and editor in chief of West Educational Publishing, was primarily involved in the business side of the partnership, contributing strategic planning, legal, financial and marketing expertise. He will remain as a consultant for the balance of the 2002 Indy Racing League championship.

"Being part of a winning race team, competing in the increasingly popular and successful IRL has been a great experience," Perlee said, "We learned so much and have made many life-long friends. Of course, winning Indy in 1998 was a dream come true, especially for someone like me, who was born in Indianapolis and attended his first 500 as a small child.

"Eddie is a great driver and competitor who brings the same passion and determination he shows on the track to business and all aspects of his life. He has been a good partner and friend. I will miss working with him, Dick Caron, and the entire team. But now, I feel it's time for me to pursue other dreams."