CHAMPCAR/CART: IRL: Dover Downs Buys Long Beach GP

March 27, 1998 Dover Downs Entertainment, Inc. (Dover Downs) and Grand Prix Association of Long Beach, Inc. (Grand Prix) jointly announced today that they have entered into an Agreement and plan of merger pursuant to which Grand Prix will ...

March 27, 1998

Dover Downs Entertainment, Inc. (Dover Downs) and Grand Prix Association of Long Beach, Inc. (Grand Prix) jointly announced today that they have entered into an Agreement and plan of merger pursuant to which Grand Prix will become a wholly-owned subsidiary of Dover Downs.

After the merger, the combined companines will offer a broad spectrum of motorsports events in geographically diversified markets. On the east coast, Dover Downs International Speedway (DE) annual presents two NASCAR Winston Cup Series Races, two NASCAR Busch Grand National Series races and an Indy Racing League event. Centrally located in mid-USA are Nashville Speedway, USA which presents one NASCAR Busch Grand National Series race, one NASCAR Craftsman Truck race and the premier NASCAR All-Pro Series race; Memphis Motorsports Park which hosts a NASCAR Craftsman Truck race and a NHRA Winston National Champioship event; and Gateway International Raceway in St. Louis which conducts one NASCAR Busch Grand National Series race, one NASCAR Craftsman Truck race, one CART race and one NHRA Winston National Championship race. On the West Coast, Grand Prix of Long Beach (CA) presents the CART Fed Ex Championship race. The combined companies' 15 major events and numerous other races will impact 31 of the top 50 U.S. advertising markets whose populations total more than 100 million people.

The merger is expected to close in June, 1998 and is subject to approval of the shareholders of both Dover Downs and Grand Prix, expiration of the Hart-Scott-Rodino waiting period and certain other customary conditions.

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Series IndyCar , Monster Energy NASCAR Cup , NHRA