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Speedway Motorsports Responds to Penske Release

9 July 1997

Speedway Motorsports Responds to Penske Release

    CONCORD, N.C., July 9 -- Speedway Motorsports, Inc.
today responded to the July 7 press release issued from Penske
Motorsports which alleged that the Special Committee of the Board of Directors
(Special Committee) of North Carolina Motor Speedway (NCMS) acknowledged in
its recent report that Penske's ownership of NCMS shares render the Board's
submission of Speedway Motorsports' offer to the NCMS shareholders futile.
    In fact, the report states, in part, that "The Board must also concern
itself with the consequences of no feasible proposal being presented to the
shareholders."  Speedway Motorsports has addressed this concern of the NCMS
Board by amending its offer to provide liquidity to the minority shareholders
of NCMS in the event that the Board submits Speedway Motorsports' offer to the
shareholders only to have a majority of the shareholders vote against the
Speedway Motorsports offer.
    The conclusion of the report of the Special Committee is clear in
expressing its recommendation, which states, in part, "that provided
satisfactory contractual assurances are obtained from SMI, the Board, (i)
approve the merger agreement submitted by SMI, (ii) approve the SMI Proposal
and submit it to the shareholders for their vote, and (iii) cause (NCMS) to
proceed with diligence and in good faith to take a special meeting of
shareholders to act on such proposal as soon as possible."
    Speedway Motorsports is the owner and operator of Atlanta, Bristol,
Charlotte and Texas Motor Speedways and 600 Racing, and the operator of Sears
Point Raceway, is a leading promoter and marketer of motorsports entertainment
in the U.S.

SOURCE  Speedway Motorsports, Inc.