Rights to Long Beach Race Sold

Dover Motorsports Inc. confirmed Tuesday that it had sold the Grand Prix of Long Beach to a new company, Aquarium Asset Management, an affiliate of Champ Car World Series, for $15 million in cash.

Aquarium officials include Kevin Kalkhoven and Gerald Forsythe, two of the three owners of Champ Car World Series. Champ Car and its predecessor, Championship Auto Racing Teams, have sanctioned the open-wheel race through the streets of Long Beach since 1984, but the sanctioning agreement expired after last month’s 31st running of the race and there had been speculation that the Indy Racing League would conduct the race.

Since Champ Car now owns the race, Champ Car will continue to sanction it for its cars and drivers.

“The new owners made a successful bid for our event and agreed to provide certain assurances to our Grand Prix employees. We fully expect that they and the city of Long Beach will have continued success with the event in the years to come,” said Denis McGlynn, president of Dover Motorsports.