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Arrest made in 1988 murder of auto racer

LOS ANGELES, California (CNN) -- A former business associate of auto racer Mickey Thompson was arrested Thursday and charged with the slaying of the racer and his wife 13 years ago.

Police charged Michael Frank Goodwin with two counts of murder and one count of conspiracy. If Goodwin is found guilty with the special circumstances of lying in wait, murder for financial gain and multiple murder, he could face the death penalty.

Los Angeles sheriff's deputies arrested Goodwin at his Orange County home Thursday afternoon. He is being held without bail.

Goodwin had been arrested in connection with the killings previously but was released due to lack of evidence. Two gunmen are suspected of shooting the victims multiple times before fleeing on bicycles.

Goodwin claims he had settled a rancorous dispute over finances with Thompson just prior to the killings. Goodwin lost a legal battle with Thompson in 1985 for $531,000 after a judge ruled Goodwin had misappropriated his partner's investments.

Thompson, who was 59 at the time of his death, set land speed records in the 1950s and 1960s and was a pioneer in off-road racing.

The Thompsons were killed outside of their home in California's San Gabriel Valley in 1988 in what is believed to be a murder for hire. The killers fled the scene, leaving untouched thousands of dollars on the victims and valuables inside the Thompsons' home.