Penske Motorsports, Inc. to Sell Shares

01/30/96

Reuters reported that Penske Motorsports, Inc. will go public; the car-racing promoter has initially offered 3.25 million common shares. The company filed with the Securities and Exchange Commission on Monday. It expects to raise between $51 and $59 million from the sale, estimating the value of its shares at $17 each. Profits from the sale of shares will help build a speedway near Los Angeles. Construction on the California speedway is expected to be done during the 1997 racing season.

Penske Motorsports Inc. currently owns and works through two other speedways: the Michigan International Speedway in Brooklyn, MI; and the Nazareth Speedway in Nazareth, PA. Penske will promote 9 races this year, 5 of which are sanctioned by NASCAR, 4 by CART. Among the four CART races is the controversial CART race that will occur on May 26, opposite the Indy 500. That race will occur at the Michigan International Speedway.

Paul Dever -- The Auto Channel