CHAMPCAR/CART: Michaelian replaces Pook at Long Beach

LONG BEACH, Calif. (Dec. 19, 2001) -- Dover Downs Entertainment, Inc. (NYSE:DVD), parent company of the Grand Prix Association of Long Beach, Inc., announced today that Jim Michaelian has been named president and CEO of the organization,...

LONG BEACH, Calif. (Dec. 19, 2001) -- Dover Downs Entertainment, Inc. (NYSE:DVD), parent company of the Grand Prix Association of Long Beach, Inc., announced today that Jim Michaelian has been named president and CEO of the organization, succeeding Christopher R. Pook.

It was announced earlier today that Pook was elected president and CEO of Championship Auto Racing Teams, Inc. (NYSE:MPH), and will take office immediately.

Michaelian, 58, had previously served as chief operating officer of the Grand Prix Association of Long Beach, which operates the highly successful Toyota Grand Prix of Long Beach, since 1997.

"Obviously, Chris' legacy in Long Beach is extensive," said Michaelian. "He is responsible for much of what we've been able to do here in Long Beach. But the best part of his legacy is what's in place here now: a dedicated, experienced group of professionals who know how to promote and stage a world-class auto race.

"I welcome the opportunity to lead this organization to even greater heights in the future," Michaelian added. "We have some exciting events ahead with Long Beach in April, the new Grand Prix of Denver in August and the possibility of staging a street race in St. Petersburg, Florida, in 2003."

"Given the time and dedication that Jim Michaelian has put into the Grand Prix Association of Long Beach, there really was never any question that he should move into the president and CEO role with the departure of Chris Pook," said Denis McGlynn, president and CEO of Dover Downs Entertainment. "Jim knows the operation so well and his presence insures that the Grand Prix Association of Long Beach will continue to be in very good hands. There is a very bright future at Long Beach with the new races coming on board and Jim is just the right person to be leading the way."

Michaelian has been with the Grand Prix Association of Long Beach since its inception in 1974. He has held various positions within the organization throughout the years, including controller, vice president of administration, and executive vice president. He will continue his role as executive producer of Grand Prix Teleproductions, the company's in-house television production group.

"While we're sad to see Chris go, we recognize that the impact he will have on CART will be beneficial to us in the long term," Michaelian said. "It's truly a win-win situation."

The 28th Annual Toyota Grand Prix of Long Beach will take place April 12-14, 2002. The new Grand Prix of Denver is set for Labor Day Weekend, August 30-Sept. 1, 2002. Tickets for both events can be purchased by calling (888) 82-SPEED. For more information, visit www.longbeachgp.com and/or www.grandprixofdenver.com.

Dover Downs Entertainment, Inc. (www.doverdowns.com), operates a multi-purpose entertainment complex conducting NASCAR auto racing, pari-mutuel harness horse racing, pari-mutuel wagering on simulcast harness and thoroughbred horse races and video lottery (slot) machine operations in Dover, Del. The company also owns and operates Nashville Superspeedway; Gateway International Raceway near St. Louis, Mo.; Memphis (Tenn.) Motorsports Park, and organizes and promotes the Toyota Grand Prix of Long Beach in California and the new Grand Prix of Denver.

-TGPLB-

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Series ATLANTIC , INDYCAR , SCCA , TRANSAM

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