Centrix Financial Subsidiary Announces Intent to Acquire Rights to Grand Prix of Denver From Dover Motorsports Open Wheel Racing Series consents to assignment of Champ Car event's Sanction Agreement CENTENNIAL, CO - March 4, 2004 - CENTRIX ...
Centrix Financial Subsidiary Announces Intent to Acquire Rights to Grand Prix of Denver From Dover Motorsports
Open Wheel Racing Series consents to assignment of Champ Car event's Sanction Agreement
CENTENNIAL, CO - March 4, 2004 - CENTRIX Financial, LLC (CENTRIX), a financial management and services firm, announced today that a wholly-owned subsidiary intends to enter into an agreement to acquire assets and rights to the Grand Prix of Denver from the Grand Prix Association of Long Beach, Inc. (Grand Prix), a wholly-owned subsidiary of Dover Motorsports, Inc. [NYSE: DVD]. CENTRIX's subsidiary is currently conducting a due diligence process and will announce its final decision with regard to the acquisition of rights no later than March 12, 2004. Financial terms were not disclosed. As part of these discussions CENTRIX is also seeking to retain John Frew and his staff to continue the management the Grand Prix of Denver.
Open Wheel Racing Series, LLC (OWRS), owner of the Champ Car World Series, has consented to the assignment of OWRS' Sanction Agreement with Grand Prix to the CENTRIX subsidiary. Subject to consent of the City of Denver, the CENTRIX subsidiary will also accept all rights contained in Grand Prix's multiyear agreement with the City, which entitles Grand Prix to stage an annual auto racing event in and around Denver's PepsiCenter. The CENTRIX subsidiary will also be assigned the rights to Grand Prix's agreement with Kroenke Sports Enterprises, LLC (Kroenke), subject to Kronke's approval.
CENTRIX Financial Chairman and Chief Executive Officer, Robert E. Sutton said:
"Last year we clearly stated our commitment to the long-term presence and success of a motorsports event in the heart of Denver. The process that led to this point began the day after 2003's event came to a close.
This is a positive step for the City of Denver. This helps to ensure that both the City's reputation and its business community will continue to benefit from the attention and economic gain such a high- caliber event brings.
I am pleased that we are in a position to do this, and that this outstanding event will continue to be part of our company's broad range of motorsports activities."
OWRS Partner, Paul Gentilozzi said:
"Obviously, CENTRIX was an outstanding partner in making last year's event a success. We are very pleased that Bob and his team will be playing an even greater role in the Grand Prix's future. I cannot think of a better development for the event itself, the City of Denver, Champ Car and racing fans everywhere."
In addition to serving as title sponsor of the 2003 CENTRIX Financial Grand Prix of Denver, CENTRIX sponsors the CENTRIX Financial Ultimate Baja Challenge at the Tecate SCORE Baja 1000, sponsored multi-car Team CENTRIX in the 2002 and 2003 Baja 1000, sponsored Team USA Powered by CENTRIX Financial at the 2003 Michelin Race of Champions Nations Cup and has an agreement with Champ Car driver Michel Jourdain, Jr.
About CENTRIX Financial, LLC
Founded in 1990, Denver-based CENTRIX Financial's unique Special Auto Finance programs have helped to put over 70,000 vehicles on the road in the last five years alone. In 1998, the Company's CEO, Robert E. Sutton, introduced a new business model that was designed to address the shortcomings in traditional approaches to the special finance market. CENTRIX is leading the evolution of the auto finance industry. For financial institutions, the Company's programs have brought a previously unknown level of security and profitability to the $200 billion special auto finance lending industry, while helping auto dealers find new ways to reach out to a clientele that represents more than 25% of their potential market. Just as importantly, CENTRIX is providing an underserved consumer group the keys to new opportunities at competitive financing rates and with professional service. Today, CENTRIX provides services across the country through agreements with over 6,600 dealerships, has over 550 employees and is managing a $1 billion loan portfolio.