DETROIT and DOVER, Del. (June 14, 2000) - Championship Auto Racing Teams, Inc., (NYSE: MPH) and Dover Downs Entertainment, Inc., (NYSE: DVD) announced today an initiative designed to develop new markets for CART open-wheel races beginning in ...
DETROIT and DOVER, Del. (June 14, 2000) - Championship Auto Racing Teams, Inc., (NYSE: MPH) and Dover Downs Entertainment, Inc., (NYSE: DVD) announced today an initiative designed to develop new markets for CART open-wheel races beginning in 2002.
The two companies have agreed to work together to identify the potential to develop races in strategic Champ Car markets . Dover Downs, through its subsidiary - The Grand Prix Association of Long Beach (GPALB) - will pursue the opportunities to develop street races in markets identified by CART. The markets are: Atlanta, Boston, Denver, New York City, Philadelphia, Phoenix, San Francisco and Washington, D.C.
In today's announcement, it also was disclosed that CART would not be returning to Gateway International Raceway, near St. Louis, in 2001.
"We understand CART has re-evaluated its geographic priorities beginning with the 2001 racing season," said Denis McGlynn, president and CEO of Dover Downs Entertainment. "While we are disappointed that Gateway International Raceway will not be playing host to a CART event in 2001, we look forward to working with CART on the development of new markets which we hope will allow us to expand our street race promotions with additional events beginning as soon as 2002.
"Chris Pook (president of the GPALB and a director for Dover Downs) is unquestionably the premier street race promoter in the industry and his talent and experience, along with that of the Long Beach staff, will be of great value in this new endeavor. This should also prove to be beneficial to the shareholders of both Dover Downs and CART."
CART Chairman and CEO Andrew Craig sees a focus on urban markets as an excellent opportunity to showcase the world's fastest open-wheel racing series -the FedEx Championship Series - in the country's most desirable markets.
"Championship Auto Racing Teams wants to ensure that all of its race events reach out to the strongest possible fan base and provide optimal benefit for sponsors," said Craig. "Races are a finite resource and we are working to place our events in the very best markets. Through this non-exclusive initiative, we are taking a pro-active approach in identifying where we want to race.
"Dover Downs has one of the strongest teams in racing when it comes to the creation of world-class street racing events," continued Craig. "Chris Pook set the standard for the development and promotion of street races with the Toyota Grand Prix of Long Beach. We believe that there are significant opportunities to replicate the success of Long Beach elsewhere."
Pook is spearheading the initiative on behalf of DVD.
Dover Downs Entertainment, Inc. operates Dover Downs Speedway Dover, Delaware. The Company operates the historic Nashville Speedway at the Tennessee State Fairgrounds in Nashville, Tennessee and is constructing the new Nashville Superspeedway in Lebanon, Tennessee expected to open in 2001; organizes and promotes the Toyota Grand Prix of Long Beach in Long Beach, California; and owns and operates Gateway International Raceway near St. Louis, Missouri and Memphis Motorsports Park near Memphis, Tennessee.
[This release contains or may contain forward-looking statements based on management's beliefs and assumptions. Such statements are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company's SEC filings for a discussion of such factors.]