PRESS RELEASE

Penske Purchases Land At California Speedway

Penske Motorsports Completes Purchase of Prime Acreage at California
Speedway

    DETROIT, Dec. 13 -- Penske Motorsports, Inc. (PMI)
has completed its previously announced purchase of
approximately 54 acres of land adjacent to the California Speedway
(known as Speedway Business Park) from Kaiser Ventures, Inc. for
$13.35 million.  The acquisition expands PMI's California Speedway
property from 475 acres to 529 acres.

    Richard J. Peters, PMI's President and CEO, said "This land
acquisition is a tremendous addition to the California Speedway,
providing the Company with the opportunity to explore other related
activities.  All of our suites and other corporate hospitality venues
for the 1997 season are already sold, and demand for tickets is
outstanding.  The purchase of this property, which is prime frontage
located along the Speedway's main entrance, provides us with
significant capability to increase revenues and expand our facilities
at the Speedway."

    The 1997 schedule for the California Speedway has been set and
includes three weekends of racing.  The inaugural California 500
presented by NAPA will open the season on June 22, 1997.  The CART PPG
Indy Car World Series will conclude its race season on September 28,
1997, with a 500-Mile Indy car race presented by Toyota.  The 1997
California Speedway race season will end with a double-header on the
weekend of October 18-19, 1997, featuring a NASCAR Craftsman Truck
Series race on Saturday, October 18, followed by a NASCAR Busch Grand
National race on Sunday, October 19.

    Penske Motorsports is a leading promoter and marketer of
professional motorsports in the United States.  PMI owns and operates,
through its subsidiaries: Michigan Speedway in Brooklyn, Michigan;
Nazareth Speedway in Nazareth, Pennsylvania; and is constructing the
California Speedway, a super-speedway near Los Angeles, California.
PMI also produces and markets motorsports-related merchandise and
accessories such as apparel, souvenirs, collectibles; and it
distributes and sells Goodyear brand racing tires in the Midwest and
Southeast regions of the U.S.

CONTACT: James H. Harris, Senior Vice President, Investor Relations of
Penske Motorsports, Inc., 313-592-5858, FAX, 313-592-7332