Sebring International Raceway Lease Sold To Road Atlanta, Ltd---
7 January 1998
Redmond, WA January 5, 1998 The International Motor Sports Group (IMSG) announced today that it had sold the long-term lease of Sebring International Raceway (SIR) to Road Atlanta Ltd. The terms of the sale were not disclosed. Andy Evans, Chairman of IMSG, commented "Sebring is one of the legendary names in American motorsports, and while 1997 saw the track report record revenues, IMSG has chosen to focus on its core businesses-our brands like Jimmy Kite, Cristen Powell and Brett Bodine; and related enterprises like Royal Purple Motor Oil and Klein Engines." Evans further commented "IMSG remains interested in acquiring major racing facilities, but we will concentrate our efforts on facilities which host the type of events where our primary racing enterprises compete." The sale of the lease to Road Atlanta, Ltd, which is headed by Dr.Don Panoz of the Panoz Motor Sports Group, is seen by many in the motorsports community as a stabilizing force to mend the current split in sportscar racing. Panoz Motor Sports owns Road Atlanta, competes on both sides of the Atlantic with the Panoz GTR-1 and brings to the table the necessary funding, business acumen and vision to pick up the pieces left behind during the turbulent tenure of Andy Evans. Dr.Panoz commented "Sebring International Raceway is one of the most storied and internationally famous circuits in North America. We are very happy to add this property to Road Atlanta, Ltd. We now have two of America's finest road courses and we intend to carry out major development work to keep them among the world's finest road racing venues." Dr.Panoz further commented "Like Andy, I also have a very fond memory of Sebring. In October, our Panoz-Ford GTR1 scored its first FIA GT world championship points when it finished third in the rain at the NAPA Auto Parts Sebring Octoberfest. To reach the podium for the first time and to do it in the United States was a tremendous thrill. With our major improvement program at Road Atlanta nearly complete, we will look to build Sebring into one of the premier road courses for the 21st century." David Treffer-The Auto Channel