Penske Out of Long Beach Grand Prix
27 March 1998Penske Motorsports Sells Its Stock In Grand Prix Association of Long Beach, Inc.
DETROIT, March 27 -- Penske Motorsports, Inc. (PMI) today announced that it has sold to Dover Downs Entertainment, Inc. PMI's 340,000 shares of common stock of Grand Prix Association of Long Beach, Inc. . DVD paid PMI $15.50 per share in cash for each share of GPLB common stock. PMI purchased the GPLB common stock in 1997 at an average per share price of approximately $12.50 per share. Penske Motorsports, Inc. (PMI) is a leading promoter and marketer of professional motorsports in the United States. PMI owns and operates the following facilities through its wholly-owned subsidiaries: Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; California Speedway in San Bernardino County, California; and North Carolina Speedway near Rockingham, North Carolina. PMI also holds a 45% interest in Homestead-Miami Speedway, LLC, near Miami, Florida. In addition, PMI produces and markets motorsports-related merchandise and accessories such as apparel, souvenirs and collectibles through its subsidiary, Motorsports International Corp.; and a subsidiary of PMI distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the United States. Penske Motorsports' major shareholder is a majority-owned subsidiary of Penske Corporation, a closely-held, diversified transportation services company which conducts its business through a number of wholly- or partially-owned companies, including Penske Truck Leasing Company, Detroit Diesel Corporation, Diesel Technology Company, Penske Automotive Group, Inc., Penske Auto Centers, Inc., and Penske Capital Partners. The Penske group of businesses has annual revenues exceeding $6 billion and employs more than 28,000 around the world. SOURCE Penske Motorsports, Inc.