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Bruton Smith Lawsuit Against Penske Motorsports Dismissed

5 November 1997

Bruton Smith Lawsuit Against Penske Motorsports Dismissed

    DETROIT, Nov. 5 -- Penske Motorsports, Inc. (PMI)
today announced that the North Carolina Business Court in
Charlotte ruled in favor of PMI and dismissed Bruton Smith's lawsuit against
PMI, North Carolina Motor Speedway, Inc. (NCMS) and directors of NCMS
following a hearing held today.  Mr. Smith's lawsuit had challenged the
proposed merger of PMI and NCMS.  Concurrent with the dismissal, the court
denied Mr. Smith's motion for a preliminary injunction.
    A meeting of NCMS shareholders to consider the merger of PMI and NCMS is
scheduled for December 2, 1997.  PMI owns 70% of the outstanding NCMS shares
and intends to vote its shares in favor of the merger, which will be concluded
promptly following the December 2nd meeting.
    Gregory W. Penske, President of PMI, commented:  "The court's decision is
a clear affirmation of what we have said all along -- that Mr. Smith's claim
was baseless and completely without merit.  We are pleased with the results
and look forward to the completion of the merger.
    Jo DeWitt Wilson, President of NCMS, said, "My family is thrilled with the
decision.  We always believed that partnering with Penske was right for us and
the speedway, and we are pleased that the court confirmed our right to do so."
    Penske Motorsports, Inc. (PMI) 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, in San Bernardino County, 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, Penske Automotive Group, Inc., Penske
Auto Centers, Inc., and Penske Capital Partners.  The Penske group of business
has annual revenues exceeding $6 billion and employs more than 28,000 around
the world.

SOURCE  Penske Motorsports, Inc.