PMI, ISC Buy Controlling Interest of Homestead Motorsports Complex
23 July 1997
PMI AND ISC ACQUIRE CONTROLLING INTEREST
OF METRO-DADE HOMESTEAD MOTORSPORTS COMPLEX
MIAMI, FL - Penske Motorsports, Inc. and International
Speedway Corporation
announced today they have each purchased a 40 percent interest in
Homestead-Miami Speedway, LLC, the operators of Metro-Dade Homestead
Motorsports Complex (M-DHMC) in Dade County, Fla.
Ralph Sanchez, the founder of Metro-Dade Homestead Motorsports complex, and
partner H. Wayne Huizenga, will each maintain a 10 percent ownership interest
in the two-year old facility. The 1.5-mile track recently underwent an $8.2
million reconfiguration transforming the original quad-oval into a
symmetrical oval track, creating what industry leaders expect to be an even
more competitive and entertaining race track.
In addition to the oval track, M-DHMC includes a 2.21-mile road course.
The state-of-the-art 344-acre facility is located in the vibrant South
Florida market which includes several of Florida's largest cities and some of
America's most rapidly growing communities including Miami, Fort Lauderdale
and West Palm Beach.
The much-heralded track was opened in November, 1995, and has hosted a
diverse schedule of championship racing in its short history. Among the
events contested annually at Homestead are the Marlboro Grand Prix of Miami
(CART), The Jiffy Lube Miami 300 (NASCAR Busch Series) and the Florida Dodge
Dealers 400 (NASCAR Craftsman Truck Series).
The announcement was made by Sanchez, PMI President Greg Penske and ISC
President Jim France. In addition to ownership, Sanchez will remain president
and will oversee the continuing operation and growth of the facility. Both
Sanchez and Huizenga will be members of the speedway's Management Committee.
"This partnership is the culmination of all my years of hard work and
dedication to bringing a world-class motorsports facility to South Florida,"
said Sanchez. "It has been my life's work to be able to make the Metro-Dade
Homestead Motorsports Complex not only a reality, but the best motorsports
facility in the world. This partnership will only make that dream more of a
reality.
"With the cooperation of Metro-Dade County, the city of Homestead and Wayne
Huizenga, the Metro-Dade Homestead Motorsports Complex is today considered
one of the finest motorsports facilities in the United States. Now with the
support of ISC and PMI, we will strive to achieve all the goals established
when this facility was originally conceived."
For both PMI and ISC, the past several months have been marked by successful
expansions of their respective businesses.
On June 22, the inaugural California 500 presented by NAPA marked PMI's
successful opening of the much-anticipated California Speedway, one of
America's top sporting venues. Jeff Gordon won the event in front of a
sold-out grandstand, which marked the return of NASCAR Winston Cup racing to
Southern California.
PMI also recently acquired controlling interest in North Carolina Motor
Speedway in Rockingham, N.C. NCMS plays host to two NASCAR Winston Cup events
each year in addition to several other major NASCAR events.
On July 14, ISC announced its purchase of Phoenix International Raceway, a
65,000-seat one-mile oval located in the picturesque Sonoran Desert. The
"fastest one-mile oval" annually plays host to championship motorsports
events for NASCAR, IRL, USAC, SCCA and AMA.
In early June, ISC acquired 100 percent interest in Watkins Glen
International, the famed road course in New York State which the company had
shared ownership of with Corning Enterprises.
"With the addition of Metro-Dade Homestead Motorsports Complex, PMI now has
interest in five major auto racing facilities in the country," said Penske.
"With the opening of the California Speedway outside Los Angeles and the
addition of this beautiful facility near Miami, we are positioned in two of
the country's fastest growing and most prestigious markets. To have ownership
in facilities in both Miami and Los Angeles is a promoter's dream,
reagardless of the sport."
"In less than two months, ISC has entered into track ownership in two of
America's most exciting and fastest growing markets (Phoenix and Miami), as
well as acquiring 100 percent ownership of a famed road-course facility in
Watkins Glen, N.Y., said France. "This partnership aligns ISC with several
great partners at perhaps America's most beautiful sports arena. The
Homestead Motorsports Complex was the first of the new ultra-modern racing
venues that all track developers are striving to duplicate. Ralph and his
team have done a tremendous job in developing this project and we look
forward to its future."
PMI is a leading promoter and marketer of professional motorsports in the
United States. In addition to its holdings in M-DHMC and NCMS, it owns and
operates, through wholly-owned subsidiaries, Michigan Speedway in Brooklyn,
Mich.; Nazareth Speedway in Nazareth, Penn.; and California Speedway in San
Bernardino County, Calif. In addition, PMI produces and markets
motorsports-related merchandise and accessories such as apparel, souvenirs
and collectibles, and it distributes and sells Goodyear-brand racing tires in
Midwest and Southeast regions of the United States.
PMI is a subsidiary of Penske Corporation, a closely-held, diversified
transportation services company which conducts its business through a number
of wholly- or partially-owned companies. In addition to Penske Motorsports,
Inc. those companies include Detroit Diesel Corporation; Penske Truck Leasing
Company; Diesel Technology Company; AG Kuhnie, Kopp and Kausch; Penske
Automotive Group, Inc.; Penske Auto Centers, Inc.; and Penske Capital
Partners. Penske Corporation manages businesses with annual revenues
exceeding $6 billion and employs more than 28,000 around the world.
Among ISC's holdings are the world-famous Daytona International Speedway
(2.5-mile superspeedway) in Daytona Beach, Fla.; Phoenix International
Raceway in Phoenix, Ariz.; Talladega Superspeedway (2.66-mile trioval) in
Talladega, Ala.; Darlington Raceway (1.366-mile oval) in Darlington, S.C.;
Watkins Glen International (2.454-mile road course) in Watkins Glen, N.Y. and
Tucson Raceway Park (3/8-mile oval) in Tucson, Ariz.
ISC also owns approximately 11 percent of Penske Motorsports, Inc.
ISC non-track holdings include MRN Radio, the nation's largest independent
sports radio network, Americrown Service Corporation, a wholly-owned catering
and souvenir subsidiary and Daytona USA, an interactive motorsports-themed
entertainment complex at Daytona International Speedway.
ISC continues to pursue investment in new major motorsports facilities in the
Midwest, including Kansas City, as well as on the west coast, including
Sacramento, Calif.
In addition, ISC is partnering with the Indianapolis Motor Speedway
Corporation to develop a motorsports facility in the Chicagoland area.
By Metro-Dade Homestead Motorsports Complex Public Relations