Dover Motorsports, Inc. Subsidiary Closes Sale of Assets of Grand Prix of Long Beach
June 10 2005 - 5:44PM
PR Newswire (US)
Dover Motorsports, Inc. Subsidiary Closes Sale of Assets of Grand
Prix of Long Beach DOVER, Del., June 10 /PRNewswire-FirstCall/ --
Dover Motorsports, Inc. (NYSE: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. 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. DATASOURCE: Dover
Motorsports, Inc. CONTACT: Patrick J. Bagley, Sr. Vice
President-Finance, Dover Motorsports, Inc., +1-302-857-3745 Web
site: http://www.dovermotorsportsinc.com/
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