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                                                                EXHIBIT 10.3


                         REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT ("Agreement") is made and entered
into this 8th day of August, 1997, between GRAND PRIX ASSOCIATION OF LONG
BEACH, INC., a California corporation (the "Company") and Penske
Motorsports, Inc., a Delaware corporation (the "Holder").

                                    RECITALS

        A. The Company is contemporaneously issuing and delivering to Holder
315,000 shares of the Company's common stock, no par value per share (the
"Common Stock").

        B. In connection with that certain Stock Purchase Agreement, dated as
of August 8, 1997 (the "Purchase Agreement"), between the Company and the
Holder, the Company has agreed to provide to Holder certain registration rights
with respect to the 315,000 shares of Common Stock issued to Holder pursuant to
the Purchase Agreement (such 315,000 shares of Common Stock being referred to
herein as the "Restricted Shares").

                                   AGREEMENT

        NOW, THEREFORE, in consideration of the premises and covenants set
forth in the Purchase Agreement, the parties agree as follows: 

        1.  Incidental (Piggyback) Registration.  Subject to the limitations
set forth in this Agreement, if  the Company at any time within three (3) years
of the date hereof proposes  to file on its behalf and/or on behalf of any of
its security holders  ("the demanding security holders") a Registration
Statement under the  Securities Act of 1933, as amended (the "Securities Act")
on any form (other than a Registration Statement on Form S-4 or S-8 or any
successor form for securities to be offered in a transaction of the type
referred to in Rule 145 under the Securities Act or to employees of the Company
pursuant to any employee benefit plan, respectively) for the general
registration of any sale or resale of Common Stock or any other class of the
Company's securities, it shall give written notice to the Holder at least 15
days before the initial filing with the Commission of such Registration
Statement, which notice shall set forth the intended method of disposition of
the securities proposed to be registered by the Company.  The notice shall
offer to include in such filing the aggregate number of shares of Restricted
Shares as Holder may request.

        If Holder desire to have any offer and sale of Restricted Shares
registered under this Section 1, it shall advise the Company in writing within
10 days after the date of receipt of such offer from the Company, setting forth
the amount of such Restricted Shares for which registration is requested.  The
Company shall thereupon include in such filing the number of shares of
Restricted Shares for which registration is so requested, subject to the
following.  In the event that the proposed registration by the Company is, in
whole or in part, an underwritten public offering of securities of the Company,
the Company shall not be required to include any of the Restricted Shares in
such underwriting unless Holder agrees to accept the offering on the same terms
and conditions as the shares of Common Stock, if any, otherwise being sold
through underwriters under such registration.  In each case all shares of
Common Stock owned by the Holder which are not included in the underwritten
public offering shall be withheld from the market by the Holder for a period,
not to exceed ninety (90) calendar days, which the managing underwriter
reasonably determines as necessary in order to effect the underwritten public
offering.  In the event the Company chooses a registration form which limits
the size offering either in terms of the number of shares or dollar amount, the
Company shall  not be required to include in the offering (in addition to the
number of shares to be sold by the Company) Restricted Shares which would
exceed such limits.

        In no event shall the Company be required to provide the "piggyback"
registration rights contemplated by this Section 1 in connection with the
Company's filing, not later than September 30,1997, of a registration statement
for the resale by Memphis International Motorsports, Inc. (or its permitted
transferees) of the Common Stock issued or to be issued to it upon conversion
of the Company's outstanding Series B Convertible Preferred Stock.





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        2.   Shelf Registration

        Subject to the limitations set forth in this Agreement, not later than
June 30, 1998 the Company will file a Registration Statement for an offering to
be made on a continuous basis pursuant to Rule 415 under the Securities Act
(the "Shelf Registration Statement") covering the Holder's sale, from time to
time or any time (in public sales, negotiated sales, or otherwise) up to all of
the Restricted Shares and thereafter shall use its reasonable best efforts to
cause the Shelf Registration Statement to be declared effective as soon as
practicable following such filing and to maintain such effectiveness for a
period of at least two (2) years from the effective date thereof; provided,
however, that the Company shall have the right to prohibit the sale of Common
Stock pursuant to the Shelf Registration Statement, upon notice to the Holder
if in the opinion of counsel for the Company, the Company would thereby be
required to disclose information not otherwise then required by law to be
publicly disclosed, provided that the Company shall use its best efforts to
minimize the period of time in which it shall prohibit the sale of any shares
of Common Stock and in no event shall the prohibition on sales extend more than
ten (10) calendar days or twenty (20) days in any twelve (12) month period. 
Notwithstanding anything herein to the contrary, the Company shall not be
obligated to maintain the effectiveness of the Shelf Registration Statement
pursuant to this Section 1(b), to deliver any prospectus under the Shelf
Registration Statement or to provide the "piggyback" registration rights
contemplated by Section 1 hereof if the Holder owns less than 1% of the
Company's outstanding shares and has owned the Restricted Shares at least a
year.

        3.   Expenses.  Subject to the limitations contained in this Section 3
and except as otherwise specifically provided in this Agreement, the entire
costs and expenses of the registrations and qualifications pursuant to Sections
1 and 2 hereof shall be borne by the Company.  Such costs and expenses shall
include, without limitation, the fees and expenses of counsel for the Company
and of its accountants, all other costs, fees and expenses of the  Company
incident to the preparation, printing and filing under the Securities Act of
the registration statement and all amendments and supplements thereto
(including all expenses incident to filing with the NASD), the cost of
furnishing copies of each preliminary prospectus, each final prospectus and
each amendment or supplement thereto to underwriters, dealers and other
purchasers of the Restricted Shares and the costs and expenses (including fees
and disbursements of counsel) incurred in connection with the qualification of
the Restricted Shares under the blue sky laws of various jurisdictions.  The
Company shall not, however, pay (x) any underwriting discount or commissions to
the extent related to the sale of the Restricted Shares sold in any
registration and qualification, (y) the fees and expenses of counsel or any
other adviser(s) to the Holder, or (z) any stock transfer taxes payable by the
Holder.

        4.   Registration Procedures.

             (a)   In the case of each registration or qualification pursuant to
Sections 1 or 2, the Company will keep Holder advised in writing as to the
initiation of proceedings for such registration and qualification and as to the
completion thereof, and will advise any such holder, upon request, of the
progress of such proceedings.

             (b)   Except as otherwise specifically provided in this Agreement, 
at the Company's expense, the Company will keep each registration and
qualification under this Agreement effective (and in compliance with the
Securities Act) by such action as may be necessary or appropriate until the
distribution contemplated thereby is completed, including, without limitation,
the filing of post-effective amendments and supplements to any registration
statement or prospectus necessary to keep the registration statement current
and the further qualification under any applicable blue sky or other state
securities laws to permit such sale or distribution, all as requested by
Holder; provided, however, that except as expressly provided in Section 2
hereof, the Company shall have no obligation to keep any registration statement
current for more than 90 days after its initial effective date.  The Company
will immediately notify Holder pursuant to this Agreement, at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included
in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing.




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        (c)   In connection with all underwritten offerings, the Company will
use its reasonable best efforts to furnish to Holder a signed counterpart,
addressed to Holder, of (i) an opinion of counsel for the Company, dated the
effective date of such registration statement, and (ii) a so-called "cold
comfort" letter signed by the independent public accountants who have certified
the Company's financial statements included in such registration statement, and
such opinion of counsel and accountants' letter shall cover substantially the
same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants' letter, with respect to
events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer's counsel and in accountants' letters delivered
to underwriters in connection with underwritten public offerings of securities.

        (d)   Without limiting any other provision hereof, in connection with
any registration of the Restricted Shares under this Agreement, the Company
will use its reasonable best efforts to comply with the Securities Act, the
Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"),
and all applicable rules and regulations of the Commission, and will make
generally available to its securities holders, as soon as reasonably
practicable, an earnings statement covering a period of at least twelve months,
beginning with the first month of the first fiscal quarter after the effective
date of such registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act.

        (e)   In connection with any registration of the Restricted Shares
under this Agreement, the Company will provide, if appropriate, a transfer
agent and registrar for the Restricted Shares not later than the effective date
of such registration statement.

        (f)   If the Company at any time proposes to register any of its
securities under the Securities Act, other than pursuant to a request made
under Section 2 hereof, whether or not for sale for its own account, and such
securities are to be distributed by or through one or more underwriters, then
the Company will make reasonable efforts, if requested by Holder pursuant to
Section 1 hereof, to arrange for such underwriters to include such Restricted
Shares among the securities to be distributed by or through such underwriters. 
Holder shall be party to any such underwriting agreement, and (x) the
representations and warranties by, and the other agreements on the part of, the
Company to and for the benefit of such underwriters shall also be made to and
for the benefit of Holder, and (y) the Holder shall make customary
representations and agreements with respect to itself for the benefit of the
underwriters and the Company.

        (g)   In connection with the preparation and filing of each
registration statement registering the Restricted Shares under this Agreement,
the Company will give Holder and its underwriters, if any, and its counsel and
accountants the opportunity to participate in the preparation of such
registration statement, each prospectus included therein or filed with the
Commission, and each amendment thereof or supplement thereto, and will give
each of them such reasonable access to its books and records and such
opportunities to discuss the business of the Company with its officers, its
counsel and the independent public accountants who have certified its financial
statements, as shall be necessary, in the opinion of Holder or such
underwriters or their respective counsel, in order to conduct a reasonable and
diligent investigation within the meaning of the Securities Act.  Without
limiting the foregoing, each registration statement, prospectus, amendment,
supplement or any other document filed with respect to a registration under
this Agreement shall be subject to review and reasonable approval by Holder and
by its counsel, which shall not be unreasonably delayed.

        (h)   The Company will use reasonable efforts to list, on or prior to
the effective date of each registration statement registering the Restricted
Shares under this Agreement, all shares covered by such registration statement
on any securities exchange on which any of the Common Stock is then listed, if
any.

        (i)   The Company will cooperate with Holder and each underwriter or
agent participating in the disposition of securities subject to any
registration hereunder and their respective counsel in connection with any
filings required to be made with the National Association of Securities
Dealers.




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        (j)   The Company will use reasonable efforts to prevent the issuance
by the SEC or any other governmental agency or court of a stop order,
injunction or other order suspending the effectiveness of each registration
statement registering the Restricted Shares under this Agreement and, if such
an order is issued, use reasonable efforts to cause such order to be listed as
promptly as practicable.

        (k)   The Company will promptly notify Holder and each underwriter of
the happening of any event, during the period of distribution, as a result of
which any registration statement registering the Restricted Shares under this
Agreement includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing (in which
case, the Company shall promptly provide Holder with revised or supplemental
prospectuses and, if so requested by the Company in writing, Holder shall
promptly take action to cease making any offers of the Common Stock until
receipt and distribution of such revised or supplemental prospectuses).

        (l)   To the extent required by law, the Company will use its
reasonable best efforts to register or qualify the securities to be sold by
Holder under such other securities or blue sky laws of such jurisdictions
within the United States as Holder shall reasonably request (provided, however,
the Company shall not be obligated to qualify as a foreign corporation to do
business under the laws of any jurisdiction in which it is not then qualified
or to file any general consent to service of process), and do such other
reasonable acts and things as may be required of it to enable such holder to
consummate the disposition in the jurisdiction of the securities covered by
such registration statement.

        5.   Provision of Documents.  The Company will, at the expense of the
Company, furnish to Holder such number of registration statements,
prospectuses, offering circulars and other documents incident to any
registration or qualification referred to in Sections 1 or 2 as Holder from
time to time may reasonably request.

        6.   Indemnification.  In the event of any registration of any
Restricted Shares under the Securities Act pursuant to this Agreement, the
Company shall indemnify and hold harmless Holder, any underwriter (as defined
in the Securities Act) for Holder, each broker or any other person, if any, who
controls any of the foregoing persons, within the meaning of the Securities Act
against any losses, claims, damages or liabilities, joint or several, and
expenses (including reasonable attorneys' fees and expenses and reasonable
costs of investigation) to which any of the foregoing persons, or such
controlling person may be subject, under the Securities Act or otherwise,
insofar as any thereof arise out of or are based upon (i) any untrue statement
or alleged untrue statement of a material fact contained in (A) any
registration statement under which such Restricted Shares were registered under
the Securities Act pursuant to Sections 1 or 2 hereof, any prospectus or
preliminary prospectus contained therein, or any amendment or supplement
thereto or (B) any other document incident to the registration of the
Restricted Shares under the Securities Act or the qualification of the
Restricted Shares under any state securities laws applicable to the Company,
(ii) the omission or alleged omission to state in any item referred to in the
preceding clause (i) a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (iii) any violation or
alleged violation by the Company of the Securities Act, the Securities Exchange
Act or any other federal or state securities law, rule or regulation applicable
to the Company and relating to action or inaction by the Company in connection
with any such registration or qualification, except insofar as such losses,
claims, damages, liabilities or expenses arise out of or are based upon any
untrue statement or alleged untrue statement or omission or alleged omission
based upon information furnished to the Company in writing by Holder or by any
underwriter for Holder expressly for use therein (with respect to which
information Holder or underwriter shall so indemnify and hold harmless the
Company, any underwriter for the Company and each person, if any, who controls
the Company or such underwriter within the meaning of the Securities Act).  The
Company will enter into an underwriting agreement with the underwriter or
underwriters for any underwritten offering registered under the Securities Act
pursuant to Sections 1 or 2 hereof and with Holder pursuant to such offering,
and such underwriting agreement shall contain customary provisions with respect
to indemnification and contribution which shall, at a minimum, provide the
indemnification set forth above.

        7.   Certain Limitations on Registration Rights.  Notwithstanding the
other provisions of this Agreement, the Company shall not be obligated to
register the Restricted Shares of Holder if, in the opinion of counsel to the
Company reasonably satisfactory to Holder, the sale or other disposition of




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Holder's Restricted Shares may be effected without registering such Restricted
Shares under the Securities Act.  The Company's obligations under Section 1 or
2 are also expressly conditioned upon Holder furnishing to the Company in
writing such information concerning Holder and their controlling persons and
the terms of such Holder's proposed offering of Restricted Shares as the
Company shall reasonably request for inclusion in the Registration Statement.

        8.   Miscellaneous.

             (a)   Notice Generally.  Any notice, demand, request, consent,
approval, declaration, delivery or other communication hereunder to be made
pursuant to the provisions of this Agreement shall be sufficiently given or
made if in writing and either delivered in person with receipt acknowledged,
delivered by reputable overnight courier, telecopied and confirmed separately
in writing by a copy mailed as follows or sent by registered or certified mail,
return receipt requested, postage prepaid, addressed as set forth in the
Purchase Agreement.

             (b)   Governing Law.  This Agreement shall be governed by the laws 
of the State of Florida, without regard to the provisions thereof relating to
conflict of laws.

             (c)   Binding Effect; Assignment; Third Party Beneficiaries.  This
Agreement shall be binding upon the Parties and their respective successors and
assigns and shall inure to the benefit of the Parties and their respective
successors and permitted assigns. No Party shall assign any of its rights or
delegate any of its duties under this Agreement (by operation of law or
otherwise) without the prior written consent of the other Parties.  Any
assignment of rights or delegation of duties under this Agreement by a Party
without the prior written consent of the other Parties, if such consent is
required hereby, shall be void.  No person (including, without limitation, any
employee of a Party) shall be, or be deemed to be, a third party beneficiary of
this Agreement.

             (d)   Entire Agreement.  This Agreement, together with the Purchase
Agreement and the "Right of First Refusal Agreement" executed in connection
therewith, is intended by the parties as a final expression of their agreement
and intended to be a complete exclusive statement of the Agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein.
This Agreement supersedes all prior agreements and understandings between the
parties with respect to the subject matter hereof.

             (e)   Amendments.  No addition to, and no cancellation, renewal,
extension, modification or amendment of, this Agreement shall be binding upon a
Party unless such addition, cancellation, renewal, extension, modification or
amendment is set forth in a written instrument which states that it adds to,
amends, cancels, renews, extends or modifies this Agreement and has been
approved by all of the Parties.

             (f)   Waivers.  No waiver of any provision of this Agreement shall 
be binding upon a Party unless such waiver is expressly set forth in a written
instrument which is executed and delivered by such Party or on behalf of such
Party by an officer of, or attorney-in-fact for, such Party.  Such waiver shall
be effective only to the extent specifically set forth in such written
instrument. Neither the exercise (from time to time and at any time) by a Party
of, nor the delay or failure (at any time or for any period of time) to
exercise, any right, power or remedy shall constitute a waiver of the right to
exercise, or impair, limit or restrict the exercise of, such right, power or
remedy or any other right, power or remedy at any time and from time to time
thereafter.  No waiver of any right, power or remedy of a Party shall be deemed
to be a waiver of any other right, power or remedy of such Party or shall,
except to the extent so waived, impair, limit or restrict the exercise of such
right, power or remedy.

             (g)   Remedies.

                   (i)   The rights, powers and remedies of the Parties set 
forth herein for a breach of or default under this Agreement are cumulative 
and in addition to, and not in lieu of, any rights or remedies that any Party 
may otherwise have under this Agreement, at law or in equity.




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                  (ii)   The Parties acknowledge that the Restricted Shares are 
unique, and that any violation of this Agreement cannot be compensated for by 
damages alone.  Accordingly, in addition to all of the other remedies which 
may be available hereunder or under applicable law, any Party shall have the 
right to any equitable relief which may be appropriate to remedy a breach or 
threatened breach by any other Party hereunder, including, without limitation,
the right to enforce specifically the terms of this Agreement by obtaining 
injunctive relief in respect of any violation or non-performance hereof, and 
any Party shall have the right to seek recovery of and be awarded attorneys' 
fees and expenses in any proceeding with respect to this Agreement as reasonably
determined by the court in which such proceeding is brought.

             (h)   Headings; Counterparts.  The headings set forth in this 
Agreement have been inserted for convenience of reference only, shall not be 
considered a part of this Agreement and shall not limit, modify or affect in 
any way the meaning or interpretation of this Agreement.  This Agreement may 
be signed in any number of counterparts, each of which (when executed and 
delivered) shall constitute an original instrument, but all of which together 
shall constitute one and the same instrument.  It shall not be necessary when 
making proof of this Agreement to account for any counterparts other than a 
sufficient number of counterparts which, when taken together, contain 
signatures of all of the Parties.

             (i)   Severability.  If any provision of this Agreement shall 
hereafter be held to be invalid, unenforceable or illegal, in whole or in part, 
in any jurisdiction under any circumstances for any reason, (i) such provision
shall be reformed to the minimum extent necessary to cause such provision to be
valid, enforceable and legal while preserving the intent of the Parties as
expressed in, and the benefits to the Parties provided by, this Agreement or
(ii) if such provision cannot be so reformed, such provision shall be severed
from this Agreement and an equitable adjustment shall be made to this Agreement
(including, without limitation, addition of necessary further provisions to
this Agreement) so as to give effect to the intent as so expressed and the
benefits so provided. Such holding shall not affect or impair the validity,
enforceability or legality of such provision in any other jurisdiction or under
any other circumstances.  Neither such holding nor such reformation or
severance shall affect or impair the legality, validity or enforceability of
any other provision of this Agreement.




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     IN WITNESS WHEREOF, the Company and Holder have executed this Agreement as
of the date first above written.


                                    GRAND PRIX ASSOCIATION OF LONG BEACH, INC.



                                    By: /s/ Christopher R. Pook
                                       ---------------------------------------
                                    Title: President
                                          ------------------------------------



                                    PENSKE MOTORSPORTS, INC.



                                    By: /s/ Gregory W. Penske
                                       ---------------------------------------
                                          Gregory W. Penske






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