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With $7.8 Million and Penske, is Pook's LBGP Course Gearing up for F1?

13 August 1997

The grand Prix Association of Long Beach has elected California Speedway President Gregg Penske to its Board of Directors, and Chris Pook has raised $7.8 million in new equity to accomplish improvements to his street/road race circuit. Also involved with the new partnership is International Speedway Corp, and H. Lee Coombs will join the LBGP board. A new aquarium is being built adjacent to the existing track, which will now be lengthened to 2.2 miles. The adjustment just happens to make it eligible for a Formula One Grand Prix, which the U.S. sorely needs. There is also a rumor of permanent seats and hospitality areas to be under construction in time for the 1999 race.

Bill Maloney -- The Auto Channel