Dover Motorsports Subsidiary Assigns Rights to Grand Prix of Denver to Open Wheel Racing Series, LLC

DOVER, Del., March 25 -- Dover Motorsports, Inc. today announced that its wholly owned subsidiary, Grand Prix Association of Long Beach, Inc. ("Grand Prix"), has reached an agreement with Open Wheel Racing Series, LLC ("OWRS"), the successor to CART, Inc. and owner of the Champ Car World Series, to transfer to OWRS certain assets and rights that Grand Prix has relative to the organization and promotion of the Grand Prix of Denver, subject to certain conditions and approvals.

Grand Prix has a multi-year agreement with the City of Denver pursuant to which it is entitled to stage an annual auto racing event in and around the PepsiCenter in Denver. Grand Prix has assigned to OWRS its rights in its agreement with the City, subject to the consent of the City. Economic terms were not disclosed.

Dover Motorsports, Inc. is a leading promoter of motorsports events in the United States. Its motorsports subsidiaries operate five motorsports tracks (four permanent facilities and one temporary circuit) in four states and promote motorsports events under the auspices of four of the premier sanctioning bodies in motorsports - NASCAR, IRL, CART and NHRA. The Company owns and operates Dover International Speedway in Dover, Delaware; Nashville Superspeedway near Nashville, Tennessee; Gateway International Raceway near St. Louis, Missouri; and Memphis Motorsports Park near Memphis, Tennessee. It also organizes and promotes the Toyota Grand Prix of Long Beach in California.