CHAMPCAR/CART: LBGPA sale approved by Long Beach council

SALE OF GRAND PRIX ASSOCIATION OF LONG BEACH UNANIMOUSLY APPROVED BY LONG BEACH CITY COUNCIL LONG BEACH, Calif. (June 8, 2005) - The sale of the assets of Grand Prix Association of Long Beach to Aquarium Asset Management, LLC, an affiliate of...

SALE OF GRAND PRIX ASSOCIATION OF LONG BEACH UNANIMOUSLY APPROVED BY LONG BEACH CITY COUNCIL

LONG BEACH, Calif. (June 8, 2005) - The sale of the assets of Grand Prix Association of Long Beach to Aquarium Asset Management, LLC, an affiliate of the Champ Car World Series, was unanimously approved by the Long Beach City Council last night at its weekly meeting.

On May 24, it was announced that the Grand Prix Association of Long Beach had agreed to sell its assets to Aquarium Asset Management, owned by Champ Car principals Gerry Forsythe and Kevin Kalkhoven, for $15 million. The City Council vote was the final approval on the sale, due to the race's contract with the City of Long Beach that runs through 2010. The sale is due to close on Friday, June 10.

The sale ensures that the Champ Car World Series will continue to run as the featured event at the Toyota Grand Prix of Long Beach, as it has since 1984.

"We are delighted that the Toyota Grand Prix of Long Beach will be a partner of the Champ Car World Series for years to come," said Kalkhoven. "This is a world-class event and we plan to continue to grow the race for the good of Long Beach and the Champ Car series."

"It is very gratifying to see the unanimous support that the City Council has given to this transaction," said Jim Michaelian, president and CEO of the Grand Prix Association. "It is another reflection of the extraordinary 'public-private' partnership that this event enjoys with the City of Long Beach. Our new relationship with Champ Car should result in an even more exciting race here in 2006."

The 32nd Annual Toyota Grand Prix of Long Beach will run April 7-9, 2006.

-TGPLB-

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About this article
Series IndyCar
Drivers Jim Michaelian , Kevin Kalkhoven