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ISC AND PENSKE SELL SHARES OF GRAND PRIX OF LONG BEACH
Published March 31, 1998
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).