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Penske Motorsports Completes Merger With North Carolina Motor Speedway

2 December 1997

Penske Motorsports Completes Merger With North Carolina Motor Speedway

    DETROIT, Dec. 2 -- Penske Motorsports, Inc. (PMI)
today announced that it completed its merger with North
Carolina Motor Speedway, Inc. (NCMS).  NCMS is now a wholly-owned subsidiary
of PMI.
    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; California
Speedway, in San Bernardino County, California; and North Carolina Motor
Speedway near Rockingham, North Carolina.  PMI also 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
businesses has annual revenues exceeding $6 billion and employs more than
28,000 around the world.

SOURCE  Penske Motorsports, Inc.