Penske Motorsports Enters Into Option to Purchase Property in Colorado

12 August 1997
Penske Motorsports Enters Into Option to Purchase Property in Colorado

    DETROIT, Aug. 12 -- Penske Motorsports, Inc. (PMI)
, today announced that it has entered into an option
agreement to purchase approximately 640 acres in the Denver metropolitan area.
The property is located in Adams County, 15 miles from downtown Denver, and
near the new Denver International Airport.
    Under the agreement, PMI will have access to the property to conduct
customary due diligence and to engage in those pre-development activities
necessary to obtain approval for the construction and operation of a permanent
motorsports complex.  The purchase would also be subject to customary
conditions.  PMI did not disclose the terms of the agreement.
    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; holds a 40% interest in Homestead-Miami Speedway, LLC, near Miami,
Florida; and has a minority interest in Grand Prix Association of Long Beach,
Inc.  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 28,000 around the world.

SOURCE  Penske Motorsports, Inc.