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  • ISC AND PENSKE SELL SHARES OF GRAND PRIX OF LONG BEACH

              FL-based International Speedway Corp. (ISC) and MI-
         based Penske Motorsports Inc. "are selling their stakes" in
         CA-based Grand Prix Association of Long Beach (GPA), which
         runs the country's second-biggest Indy car race, according
         to Todd Pack of the ORLANDO SENTINEL.  ISC said it sold its
         340,000 common shares of GPA to Dover Downs Entertainment
         Inc. for $15.50 a share, after buying them last summer for
         about $12.50 a share, giving ISC about a $1M profit. 
         Penske, which is also selling to Dover, said that it "would
         make the same profit on the deal."  Dover owns racetracks in
         Delaware and Nashville, and ISC Dir of Investor Relations
         Wes Harris said that the company "will probably speed up
         GPA's growth" (ORLANDO SENTINEL, 3/28).  GPA Chair & CEO
         Chris Pook will keep his positions and join Dover's board of
         directors (ST. LOUIS POST-DISPATCH, 3/28).
    
    

    Print | Tags: Finance, Int'l Speedway Corp.
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