EXHIBIT 99.5

           [LETTERHEAD OF GRAND PRIX ASSOCIATION OF LONG BEACH INC.]


Contact:   Christopher R. Pook
           Chief Executive Officer
           Grand Prix Association of Long Beach, Inc.
           562/981-2600

           A. William Krenn/Cecilia A. Wilkinson
           Pondel Parsons & Wilkinson
           310/207-9300

                                                           FOR IMMEDIATE RELEASE

            GRAND PRIX ASSOCIATION ADDS MAJOR NASCAR RACING EVENTS
            AT GATEWAY INTERNATIONAL AND MEMPHIS MOTORSPORTS TRACKS
- --Additional Seating Being Installed at Both Facilities to Accommodate Crowds--

       Long Beach, California -- October 29, 1997 -- Grand Prix Association of 
Long Beach, owner and operator of the Toyota Grand Prix of Long Beach, announced
today that its two permanent racing facilities, Memphis Motorsports Park in 
Tennessee and Gateway International Raceway near St. Louis, will each host 
popular NASCAR Craftsman Truck Series events in 1998.

       A 266-lap, 200-mile NASCAR Craftsman Truck Series race will be held on 
the new 3/4-mile Memphis Speedway oval on Sunday, September 13, 1998. The 
following Saturday, September 19, the trucks will compete at Memphis Motorsports
Park's sister track, Gateway International Raceway in Madison, IL, in a 
200-mile, 160-lap event on Gateway's 1.25-mile oval track. The races are two of 
27 events to be staged in 1998 under the banner of the NASCAR Craftsman Truck 
Series, which in only three seasons has become one of the most popular of all 
NASCAR tours.

       "We are delighted that NASCAR is bringing its highly successful Craftsman
Truck Series to our new facilities at Memphis Motorsports and Gateway 
International, and we are confident that motorsports fans will turn out in large
numbers to support these events," noted Christopher R. Pook, president of Grand 
Prix Association of Long Beach.

       "Being selected by NASCAR to host the NASCAR Craftsman Truck Series 
clearly shows that we are building Grand Prix Association of Long Beach into a 
year-round company that can attract and stage major motorsports events of all 
kinds," noted Pook. "Earlier this month, our company reported record revenues 
and net income for our third fiscal quarter and nine-months period ended August 
31, and we expect that the addition of these prestigious NASCAR events will 
enhance our profitability in 1998 and beyond."

                                    (More)

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Major NASCAR Events
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     Pook added that the races will bring increased national television exposure
to both Memphis Motorsports Park and Gateway International.  While network 
schedules for the 1998 NASCAR races have not yet been announced, this season all
26 NASCAR Craftsman Truck Series events were shown on CBS, TBS, TNN, ESPN or 
ESPN2.

     Memphis Motorsports Park's new oval track will make its debut June 6-7 with
a doubleheader featuring the ARCA Bondo/Mar-Hyde stock car series, and the USAC 
Silver Crown Championship open-wheel cars.  The new oval track will initially 
include 25,000 seats, but will ultmiately be expanded to 50,000 seats, with an 
additional 20 luxury suites.  The NASCAR Craftsman Truck Series event being held
at the Memphis Speedway marks the return of NASCAR racing to the Mid-South after
a 40-year absence.

     Seating at Gateway International also is being increased by 10,000 to 
55,000 seats for the 1998 season.  An additional 5,000 seats will be added at 
the drag strip, bringing the capacity at that facility to 28,000.

     Grand Prix Association of Long Beach 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, California since 1975.  The race is 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 and Memphis Motorsports Park.

     Matters discussed in this release related to Grand Prix Association of Long
Beach 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; failure to obtain or renew 
sanctioning and sponsorship agreements for national events; severe and adverse 
weather conditions; dilution of manpower; seasonality; competition and other 
risk factors listed in the company's SEC reports, including the 10-QSB for the 
period ended August 31, 1997.
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