Grand Prix Association of Long Beach Reports Improved 1997 First Quarter Revenues.

LONG BEACH, Calif.--(BUSINESS WIRE)--Nov. 14, 1996--Grand Prix Association of Long Beach, Inc. (NASDAQ:GPLB), owner and operator of the annual Toyota Grand Prix of Long Beach, as well as two recently acquired permanent racing facilities, today announced increased revenues for its first fiscal 1997 quarter ended Sept. 30, 1996.

Total revenues for the first quarter increased to $1,566,000 from $1,181,000 in the prior year, largely attributable to the inclusion of Memphis Motorsports Park operations for fiscal 1997. All revenues are considered earned only upon the completion of the event to which they relate, including the company's next major event, the Toyota Grand Prix of Long Beach, to be held April 11-13, 1997.

For the 1997 first quarter, the company reported a loss of ($120,000) or ($0.04) per share on 3,640,574 weighted average shares outstanding, compared with a loss of ($155,000), or ($0.08) per share on 2,023,719 weighted average shares outstanding, in fiscal 1996.

The increase in weighted average shares reflects GPLB's initial public offering of 1.35 million shares of common stock completed in June 1996. The offering raised net proceeds of approximately $11.9 million, $2.5 million of which was used to partially fund the acquisition of Memphis Motorsports Park, with the remainder to be used to improve existing facilities, for future expansion and general corporate purposes.

"I am very pleased with our results this quarter and that the Memphis market is showing signs of such healthy growth," said Christopher R. Pook, president and chief executive officer of Grand Prix Association of Long Beach. "We also continue to focus on the redevelopment of our Gateway facility, which has been under construction since May 1996."

Pook continued: "We are extremely excited about the major sanctioned races scheduled at both facilities in 1997. These race dates not only fulfill a commitment we made upon our initial public offering to secure a year-round schedule, but also serve to validate our strategy to utilize our expertise and our established relationships with the sanctioning bodies to stage major race events."

Subsequent to the close of the quarter, GPLB announced several major sanctioned race dates at its Gateway and Memphis facilities. Currently under redevelopment, Gateway International Raceway near St. Louis will host a PPG Indy Car World Series race on May 22-24, 1997; the inaugural NHRA Craftsman Nationals, presented by Parts America on June 26-29, 1997; and the NASCAR Busch Series, Grand Nationals Division on July 24-26, 1997, a non-Winston cup weekend.

This date is significant to the company because it is a weekend on which NASCAR's Winston Cup Series does not operate, thus allowing Winston Cup drivers to participate in the Busch Series event. Slated for completion in Spring 1997, Gateway will feature a 1.25 mile oval track, a road circuit and an NHRA regulation drag strip.

Located approximately 10 miles northeast of Memphis, Tenn., Memphis Motorsports Park, which hosted the 1996 National Hot Rod Association (NHRA) Pennzoil Nationals in June 1996, is now scheduled to host this same event in a new time slot, Oct. 2-5, 1997. It is also in the process of an expansion, scheduled to be completed by summer 1997.

Matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include: delays in construction and improvements on new facilities; loss of or failure to obtain sanctioning agreements for national events; severe and adverse weather conditions; and other risk factors listed in the company's SEC reports, including the fiscal year ended June 30, 1996 Form 10-KSB.

Grand Prix Association of Long Beach, Inc. is the owner and operator of the Toyota Grand Prix of Long Beach, the annual Indy car race run on the streets of Long Beach, since 1975, now the second largest Indy car race in the world next to the Indianapolis 500. In addition, the company owns and operates Gateway International Raceway in Madison, Ill., and Memphis Motorsports Park in Millington, Tenn. -0-

              Grand Prix Association of Long Beach, Inc.
                     Comparison Income Statement
               (amounts in thousands except share data)

                                             Three Months Ended
                                                    Sept.
                                             1996            1995

REVENUES
 Major event revenues
  Admissions                              $     0         $     0
  Sponsorships                                  0               0
  Ancillary revenue                             0               0
    Total major event revenues                  0               0
 Other operating revenues                   1,566           1,181
 TOTAL REVENUES                             1,566           1,181

EXPENSES
 Major event expenses                           0               0
 Other operating expenses                     773             675
 General and administrative                   775             640
 Depreciation                                 120             100
 TOTAL EXPENSES                             1,668           1,415

LOSS FROM OPERATIONS                         (102)           (234)

Other Income (Expense)
 Interest Income (expense), net              ( 93)           ( 11)
 Gain on Sale of Assets                         2               0
 Other, net                                  ( 13)           ( 10)
TOTAL OTHER EXPENSE                          (104)           ( 21)

LOSS BEFORE BENEFIT
 FOR INCOME TAXES                            (206)           (255)

BENEFIT FOR INCOME TAX                         86             100

NET LOSS                               $     (120)     $     (155)

NET LOSS PER SHARE                     $    (0.04)     $    (0.08)

WEIGHTED AVERAGE SHARES
 OUTSTANDING                            3,640,574       2,023,719

CONTACT: Grand Prix Association of Long Beach, Inc.

Christopher R. Pook, 310/981-2600

or

Pondel Parsons & Wilkinson

Lisa M. Prukop/Cecilia A. Wilkinson, 310/207-9300