International Speedway Corporation Buys Phoenix International Raceway

15 July 1997

PHOENIX, AZ (July 14, 1997) -- In an effort to further strengthen its vast
motorsports holdings, International Speedway Corporation (ISC) has
purchased Phoenix International Speedway.

Phoenix International Raceway, that plays host to NASCAR, IRL, USAC, SCCA
and AMA events was sold to ISC by Emmett "Buddy" Job. Job will stay on with
the title of President and will oversee the day-to-day operations of the
growing facility.

"This is a significant day in the history of International Speedway
Corporation," said Bill France - Chairman and CEO of ISC. The aquisition
gives the Company another presence in one of America's fastest growing and
exciting markets. Major ISC facilities are now positioned in three of the
four corners of the Unites States.

"We look forward to working closely with Buddy and his staff to further
develop that traditions and goals that they have established here in
Phoenix."

Phoenix International Raceway (PIR) is currently a 65,000 seat facility
that is located at the base of the Estrilla Mountains. The one mile asphalt
track features a unique "D" shape that has an 1,179 foot frontstretch and a
1,551 foot backstretch with almost flat corners - measuring in at 11
degrees through turns one and two and 9 degrees in three and four. Capacity
will be in excess of 90,000 with the addition of 25,000 seats that are
currently planned for the facility. This would make Phoenix International
Raceway the largest sporting complex in all of Arizona. A state funded road
improvement project will ease the current traffic conditions and help with
further development of the facility.

Buddy Job said of the aquisition, "My goals and expectations for Phoenix
International Raceway have been and continue to be, quite lofty. With ISC's
vast experience and resources, we will be fully capable of achieving these
goals. ISC has a long history of being involved in communities where it
owns facilities and I'm confidant that tradition will allow PIR to realize
its fullest potential."

ISC adds PIR to its list of properties which include Daytona International
Speedway (Daytona Beach, FL), Talladega Superspeedway (Talladega AL),
Watkins Glen International (Watkins Glen, NY), Darlington International
Raceway (Darlington, SC) and Tucson Raceway Park (Tucson, AZ).

ISC also owns an 11 percent interest in Penske Motorsports Inc(PMI). PMI
controls Michigan Speedway (Brooklyn MI), Nazareth Speedway (Nazareth, PA),
and the new California Speedway located in Fontana CA. Penske also boasts
controlling interest in North Carolina Motor Speedway in Rockingham NC.

Possible ISC future plans have it developing tracks in the Kansas City, MO
area and in Sacramento, CA. ISC is currently in a partnership with the
Indianapolis Motor Speedway Corporation to build a new facility in the
greater Chicago area.