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Wheels Sports Group Completes Acquisition Of Diamond Sports Group

1 July 1997

Wheels Sports Group Completes Acquisition Of Diamond Sports Group

    MOCKSVILLE, N.C., July 1 -- Wheels Sports Group, Inc.
today announced that it has completed its acquisition of
Diamond Sports Group.  The purchase was made for 485,000 shares of Wheels'
common stock.
    "The acquisition of Diamond Sports Group greatly enhances our position as
a NASCAR-related merchandise company and creates exciting cross-promotional
sales opportunities," said Howard L. ("Danny") Correll, Jr., chairman,
president and chief executive officer.  "This transaction also demonstrates
our determination to aggressively grow the company through acquisitions."
    Diamond Sports Group specializes in motorsports-related apparel, souvenirs
and hospitality management.  It is engaged in the selling and distribution of
licensed motorsports merchandise through a network of dealers, trackside
events and corporate promotions.  Diamond Sports Group has contracts with
NASCAR team owner Felix Sabates, owner of the Robby Gordon, Joe Nemechek and
Wally Dallenbach race teams, and with the Kranefuss-Haas race team, with
driver Jeremy Mayfield.  The company does NASCAR-related corporate promotions
with race sponsors including Coors, BellSouth, First Union and RC Cola.  In
addition, the company manages the NASCAR racing programs of both Ferguson
Enterprises, an associate sponsor of the Richard Petty racing team, and
Goody's Pharmaceuticals.
    Wheels Sports Group, Inc., designs, markets and distributes quality
collectible sports trading cards primarily featuring the race drivers, team
owners and crew chiefs active in NASCAR-sanctioned motorsports racing events.
The company also operates Fantasy World Racing, a new NASCAR-oriented game
played interactively over telephone lines or the Internet.  The company went
public on April 18, 1997, with an initial public offering of 900,000 shares of
common stock and 900,000 common stock purchase warrants at a combined offering
price of $6.00 for one share and one warrant ($5.90 per share and 10 cents per
warrant).
    The forward-looking statements included in this news release are based on
management's current expectations.  In light of the assumptions and
uncertainties inherent in forward-looking information, the inclusion of such
information should not be regarded as a representation by the company or any
other person that the plans of the company will be realized or that positive
trends in financial results will continue.

SOURCE  Wheels Sports Group, Inc.