In January 1989, the Bishops sold the company to Mike Cone and Jeff Parker, owners of the IMSA Grand Prix of St. Petersburg [REF].
In the spring of 1998, Don Panoz created a partnership with the Automobile Club de L'Ouest (ACO), the organizers of the 24 Hours of Le Mans, to begin a 10-hour race in the spirit of Le Mans, dubbed the Petit Le Mans to be held at Panoz's Road Atlanta facility.