DOVER MOTORSPORTS, INC. SUBSIDIARY CLOSES SALE OF ASSETS OF GRAND PRIX OF LONG BEACH DOVER, Del. (June 10, 2005) -- Dover Motorsports, Inc. (NYSE Symbol: DVD) announced today that its wholly owned subsidiary, Grand Prix Association of Long...
DOVER MOTORSPORTS, INC. SUBSIDIARY CLOSES SALE OF ASSETS OF GRAND PRIX OF LONG BEACH
DOVER, Del. (June 10, 2005) -- Dover Motorsports, Inc. (NYSE Symbol: DVD) announced today that its wholly owned subsidiary, Grand Prix Association of Long Beach, Inc., closed on the sale of its Grand Prix of Long Beach event for $15 million in cash to Aquarium Asset Management, LLC, an affiliate of Champ Car World Series, LLC. The Company previously announced entering into the asset purchase agreement on May 24, 2005.
"We're delighted that this transaction has now been completed and we can now concentrate on working with our new partners at Champ Car in making next year's Toyota Grand Prix of Long Beach an even more spectacular event," said Jim Michaelian, president and CEO of the Grand Prix.
The 32nd Annual Toyota Grand Prix of Long Beach will take place April 7-9, 2006.
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Dover Motorsports, Inc. is a leading promoter of motorsports events in the United States. Its motorsports subsidiaries operate four permanent motorsports tracks in three states and promote motorsports events under the auspices of the premier sanctioning bodies in Motorsports, including NASCAR, IRL AND NHRA. The Company owns and operates Dover International Speedway in Dover, Delaware; Nashville Superspeedway near Nashville, Tennessee; Gateway International Raceway near St. Louis, Missouri; and Memphis Motorsports Park in Memphis, Tennessee.