Dover Motorsports, Inc. Subsidiary in Negotiations With Respect to Grand Prix of Denver
March 19 2004 - 4:51PM
PR Newswire (US)
Dover Motorsports, Inc. Subsidiary in Negotiations With Respect to
Grand Prix of Denver DOVER, Del., March 19 /PRNewswire-FirstCall/
-- Dover Motorsports, Inc. today announced that the previously
announced agreement between its wholly owned subsidiary, Grand Prix
Association of Long Beach, Inc. ("Grand Prix") and Centrix
Financial, LLC ("Centrix") to transfer to Centrix certain assets
and rights that Grand Prix has relative to the organization and
promotion of the Grand Prix of Denver was terminated by Centrix.
"Our original transaction with Centrix did not close," said Denis
McGlynn, President of Dover Motorsports, Inc., parent company of
Grand Prix. "However, Centrix has announced its intent to work
together with Open Wheel Racing Series, LLC ("OWRS"), the successor
to CART, Inc. and owner of the Champ Car series. OWRS, in turn, has
expressed an interest in acquiring from us certain assets and
rights to the event and is working on a transaction that would
allow the event to continue undernew ownership with Centrix
continuing as the title sponsor." Dover Motorsports, Inc. is a
leading promoter of motorsports events in the United States. Its
motorsports subsidiaries operate five motorsports tracks (four
permanent facilities and one temporary circuits) in four states and
promote motorsports events under the auspices of four of the
premier sanctioning bodies in motorsports - NASCAR, IRL, CART 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 near Memphis, Tennessee. It also organizes and
promotes the Toyota Grand Prix of Long Beach in California.
DATASOURCE:Dover Motorsports, Inc. CONTACT: Patrick J. Bagley, Sr.
Vice President-Finance, Dover Motorsports, +1-302-857-3745 Web
site: http://www.dovermotorsportsinc.com/
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