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Penske Motorsports Announces Expected Q3 Earnings

8 September 1998

Penske Motorsports Comments on Expected Third Quarter Earnings And Announces Stock Repurchase

    DETROIT, Sept. 8 -- Penske Motorsports, Inc. (PMI)
today announced that it expects to report net income for the quarter
ending September 30, 1998, in the range of $3.4 million to $3.7 million, or
$.24 to $.26 per common share.
    The Company's results were impacted by lower than expected revenues at two
of its race weekends during the quarter.  Attendance at both the U.S. 500 held
at Michigan Speedway and the Company's NASCAR Tripleheader event weekend in
California was below anticipated levels.  While the NASCAR Winston Cup event
weekend held in August at Michigan Speedway resulted in record attendance and
revenues, the positive result was not sufficient to overcome the reduced
revenues at the two other events.
    PMI President Greg Penske commented that the change in dates for the
California NASCAR event from October along with the severe heat in July were
significant factors affecting the attendance.  Mr. Penske went on to say,
"Attendance at professional motorsports events is at record levels and we
remain committed to continuing our growth trend and support the analysts'
consensus fourth quarter 1998 earnings estimates."
    The Company also announced its plan to repurchase, from time to time, up
to $10 million worth of shares of Penske Motorsports, Inc. in open market
transactions.  The timing and volume of purchases under this program will
depend on market conditions.  The stock repurchase program confirms the
Company's confidence in its future growth prospects.
    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.
    Statements made in this release that state the Company's or management's
beliefs or expectations and which are not historical facts or which apply
prospectively are forward-looking statements.  It is important to note that
the Company's actual results could differ materially from those contained in
or implied by such forward looking statements.  Additional information
concerning factors that could cause actual results to differ materially from
those in the forward looking statements is contained from time to time in the
Company's SEC filings including but not limited to the 1O-K and subsequent
10-Q's.  Copies of those filing are available from the Company and the SEC.