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Penske Motorsports Responds to Bruton Smith Lawsuit

6 August 1997

Penske Motorsports Responds to Bruton Smith Lawsuit

    DETROIT, Aug. 6 -- Penske Motorsports, Inc.
(PMI) responded today to Bruton Smith's lawsuit against
PMI, North Carolina Motor Speedway, Inc. (NCMS) and certain directors of NCMS.
As previously announced, yesterday the Board of Directors of NCMS approved the
merger of NCMS and PMI and the merger will be submitted to shareholders for
their approval in September.  PMI currently owns approximately 70% of NCMS.
Mr. Smith filed a lawsuit to enjoin the merger alleging, among other things,
that the directors of NCMS breached their fiduciary duty to minority
shareholders of NCMS by approving the merger.
    Walter P. Czarnecki, Vice Chairman of PMI, said, "We don't normally
respond to these types of actions, but I believe this process has greatly
confused the investing public and I believe the lawsuit is without merit.  The
NCMS Board engaged independent investment bankers and counsel and those
advisors indicated the PMI offer exceeded their determination of the value of
NCMS.  While Mr. Smith's offer was a higher per share price, the NCMS Board
recognized that the PMI proposal was the only viable proposal since Mr.
Smith's offer would never be approved by the NCMS shareholders."
    Mrs. Carrie B. DeWitt, a member of the NCMS Board and a defendant named in
Smith's lawsuit, commented, "In August of 1996, after Bruton Smith asked us to
buy his shares for $10 a share, I approached PMI to sell my shares.  I've
known the people at PMI for years, and I've known Bruton for years, too.  PMI
agreed to pay me the price I asked, I like doing business with them and I felt
more comfortable owning PMI stock."  Earlier this year, Mrs. DeWitt, widow of
NCMS founder, L.G. DeWitt, sold her 65% stake in NCMS to PMI.
    Penske Motorsports, Inc. is a leading promoter and marketer of
professional motorsports in the United States.  PMI owns and operates the
following through its wholly owned subsidiaries, Michigan Speedway in
Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; and
California Speedway near Los Angeles, California.  PMI also has a majority
ownership of the North Carolina Motor Speedway near Rockingham, North Carolina
and holds a 40% interest in Homestead-Miami Speedway, LLC.  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.
    Penske Motorsports' major shareholder is a majority-owned subsidiary of
Penske Corporation, a closely held, diversified transportation services
company which conducts its business through a number of wholly or partially
owned companies, including Penske Truck Leasing Company, Detroit Diesel
Corporation, Diesel Technology Company, AG Kuhnle, Kopp and Kausch, Penske
Automotive Group, Inc., Penske Auto Centers, Inc., and Penske Capital
Partners.  The Penske group of businesses has annual revenues exceeding
$6 billion and employs more than 25,000 around the world.

SOURCE  Penske Motorsports, Inc.