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Penske Motorsports Appoints Edsel B. Ford II to the Board of Directors

6 August 1998

Penske Motorsports Appoints Edsel B. Ford II to the Board of Directors

    DETROIT, Aug. 6 -- Penske Motorsports, Inc. (PMI)
today announced the appointment of Edsel B. Ford II to the
Board of Directors.
    During a career at Ford Motor Company spanning nearly 25 years,
Mr. Ford held a wide variety of management positions.  He joined the company
in 1974 as a product planning analyst, followed by assignments at Ford of
Australia and Senior Management positions with Ford and Lincoln-Mercury
Divisions.
    Most recently Mr. Ford served as President and Chief Operating Officer of
Ford Credit.  He was elected a company vice president in December 1993.
During his seven years at Ford Credit, he directed the company's global
financial and insurance operations.  Ford Credit is the world's largest
company dedicated to automotive finance with managed receivables exceeding
$133 billion.  He remains a member of the Board of Directors of Ford Motor
Company and its Finance Committee.
    Roger S. Penske, Chairman of Penske Motorsports, said, "The addition of
Edsel Ford to our Board will provide the company with the benefit of his years
of experience in the automobile industry, coupled with his long-standing
well-known interest in professional motorsports.  As Penske Motorsports
continues to expand its operations, his counsel will be important to the
successful outcome of those efforts."
    Penske Motorsports, Inc. is a leading promoter and marketer of
professional motorsports in the United States.  PMI owns and operates the
following facilities 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 Speedway
near Rockingham, North Carolina.  PMI also holds a 45% interest in Homestead-
Miami Speedway, LLC, near Miami, Florida.  In addition, PMI produces and
markets motorsports-related merchandise and accessories such as apparel,
souvenirs and collectibles through its subsidiary, Motorsports International
Corp.; and a subsidiary of PMI 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.