Toyota Grand Prix of Long Beach was established by Chris Pook on March 26, 1977. He conducted the first Long Beach Grand Prix, a Formula 5000 race won by Brian Redman. After six months, he staged a Formula One race, where Switzerland’s Clay Regazzoni was the winner. The city of Long Beach had become an international setting for racing by the next six years. In 1978, Argentina’s Carlos Reutemann won flag-to-flag in his Ferrari. Canada’s Gilles Villeneuve led a Ferrari one-two finish in 1979, and in 1980, Brazil’s Nelson Piquet’s Parmalat Brabham scored another flag-to-flag victory. The city of Long Beach had become an international setting for racing by the next six years and has continued to flourish over the years. The adult movie houses and boarded-up building were replaced with office buildings, restaurants and gleaming new hotels. Formula One purse, sanctions and shipping charges were increased by 1983. In 1984, Championship Auto Racing Teams (CART) launched in Long Beach after Pook had signed for the Champ Cars. Dover Motorsports, Inc. sold the assets of the Grand Prix Association of Long Beach to the Champ Car co-owner Kevin Kalkhoven and his Aquarium Asset Management, LLC in June 2005.