State Fair Park Board Selects Group with Local Ties, International Motorsports and Marketing Expertise as New Milwaukee Mile Promoter

WEST ALLIS, Wis., Aug. 16, 2005 -- The Wisconsin State Fair Park Board of Directors today announced it has selected Milwaukee Mile Marketing LLC -- led by metro Milwaukee native and international sports marketing and real estate investment executive Craig Stoehr and Andrew Randall, former President of U.S. Bank in Wisconsin -- as the new promoter of the Milwaukee Mile racetrack. As part of the agreement, Milwaukee Mile Marketing would also acquire 9.35 acres of State-owned land located adjacent to the Mile along Greenfield Avenue to build a hotel and sports-related retail complex.

"This is a once-in-a-lifetime opportunity for the Mile, State Fair Park, the City of West Allis, and the State of Wisconsin as a whole," Board Chairman Martin Greenberg said. "The Board has conducted an extensive, 18-month search for a new promoter for the Mile. Craig, Andy and their team bring everything we've been looking for to the table. They have the sports marketing expertise, particularly in the field of motorsports, as well as general business experience, to transform the Mile into a successful, state-of-the-art sporting and entertainment facility. Their real estate development background is another plus -- State Fair Park and the City of West Allis have long desired to see a hotel on this property, and this new relationship will make that happen."

The agreement and acquisition of the land are subject to approval by the Wisconsin State Building Commission. Under the terms of the proposed transaction:

   -- Milwaukee Mile Marketing would lease the promotional rights at the
      Mile for 18 years, the term of the State's existing debt service
      requirement, and would make annual payments to the State in an amount
      equal to those debt service payments (approximately $1.9 million per
      year).
   -- Milwaukee Mile Marketing would acquire 9.35 acres of vacant land
      located along Greenfield Avenue between the Expo Center and 77th
      Street in exchange for enabling State Fair Park to acquire a private
      parcel of land located within the Park grounds and the making of
      certain improvements to State Fair Park, including the expansion of
      gates and entrances.  Plans for the 9.35-acre site include a hotel,
      sports-related and other stores, restaurants, and potentially office
      and residential space.
   -- Milwaukee Mile Marketing would maintain the Mile and its facilities in
      the condition found and fund all future capital improvements that are
      either desired or required by racing sanctioning bodies.  In addition,
      Milwaukee Mile Marketing would lease the entire track back to State
      Fair Park annually during the State Fair for parking and grandstand
      shows.

Stoehr, who was born in West Allis and raised in Oconomowoc, where his family owns and operates Oconomowoc Manufacturing Corp., has held high-profile sports marketing positions throughout the world. A former Wall Street corporate attorney, he sits on the board of Grand Prix Group Worldwide Ltd., a London-based holding company for a global network of sports marketing agencies focused on Formula 1 auto racing. He is former chief executive of the Class 1 World Powerboat Championship, the world's premier powerboat racing series, where he directed staging of 16 Grand Prix events in numerous countries with spectator audiences of between 150,000 and 1 million attendees per event. He has also worked on matters related to the 1994 and 1998 soccer World Cups, as well as with international soccer legends Pele and Roberto Baggio.

"We have some exciting plans for enhancing the Mile, while respecting its rich history and tradition along with the significant improvements that have been made at the track since the State Fair Park reacquired it before the 2004 season," Stoehr said. "In addition to retaining the majority of the Mile's existing staff and the high quality events the track already offers, we will look for ways to enhance its uses, both for motorsports and the community. We are excited about this opportunity to put our local and international expertise to work for the world's oldest and most venerable motor speedway."

Randall, a 30-year veteran of the financial services industry, is also a passionate sports fan who led U.S. Bank's sponsorship of the Mile's Champ Car World Series Race, Miller Park and the Milwaukee Brewers, and the PGA's Greater Milwaukee Open.

"This is a great opportunity to help strengthen the tremendous community asset we have in the Milwaukee Mile, as well as involve local people in this important effort," said Randall, who is leading the effort to put together the local investor group. "We are in the process of meeting and talking with some very well-known individuals in the metro Milwaukee area, and there is extremely high interest in this project. We've also had a very positive response from sponsors. There are some big racing fans here in town -- and they like what they're hearing about the team we've assembled and our plans at the Mile."

The Milwaukee Mile, "America's Legendary Oval," is the oldest operating motor speedway in the world. Motor racing began at the Mile in 1903, eight years before the first cars raced at the Indianapolis Motor Speedway.