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Penske Motorsports Pleased With North Carolina Motor Speedway Committee Report

7 July 1997

Penske Motorsports Pleased With North Carolina Motor Speedway Committee Report

    DETROIT, July 7 -- Penske Motorsports, Inc.
, which currently owns approximately 70% of North Carolina
Motor Speedway, Inc. (NCMS), announced that a special committee of the board
of NCMS has determined that PMI's offer to the NCMS minority shareholders is
fair and well above the range of the value of NCMS as determined by the
independent financial advisor engaged by the Committee.  While the Committee
recommended first submitting to the shareholders of NCMS the proposal of
Speedway Motorsports, Inc. (Speedway) to acquire NCMS, the Committee
acknowledged that the board could in good faith submit only the PMI offer to
the shareholders because, while PMI's and Speedway's offers are both fair,
Penske's ownership of 70% of the NCMS stock would make submission of the
Speedway offer, according to the Committee, "futile."
    PMI will submit a copy of the Committee report to all NCMS shareholders
for their consideration and adjourned today's annual meeting of NCMS
shareholders to July 22 in order to give NCMS minority shareholders an
opportunity to hear an explanation of both the PMI and Speedway offers.
Speedway voted against the motion.
    NCMS, a one-mile oval track located in Rockingham, North Carolina, was
constructed in 1965 by a group of local investors, including Mrs. Carrie B.
DeWitt and her husband, the late L.G. DeWitt.  NCMS promotes two NASCAR
Winston Cup Series events, the "Goodwrench Service 400," which was presented
on February 23rd, and the "ACDelco 400," scheduled for October 26th.  It also
hosts two Busch Series Grand National events, the "Goodwrench Service 200,"
which was presented on February 22, and the "ACDelco 200," schedule for
October 25th.  NCMS is also the site for the Unocal Rockingham World Pit Crew
Championship in October, the only NASCAR-sanctioned pit crew event.  The track
has 42,951 reserved and 3,000 unreserved grandstand seats, and 33 luxury
boxes.
    Penske Motorsports, Inc. is a leading promoter and marketer of
professional motorsports in the United States.  PMI owns and operates, through
its 100% subsidiaries, Michigan Speedway in Brooklyn, Michigan; Nazareth
Speedway in Nazareth, Pennsylvania; and California Speedway, in San Bernardino
County, California; and it has controlling interest in North Carolina Motor
Speedway located in Rockingham, North Carolina.  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 the Midwest and Southeast regions of the United States.

SOURCE  Penske Motorsports, Inc.