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Penske Motorsports Merger with Rockingham Upheld By Appeals Court

6 January 1999

Penske Motorsports Merger with Rockingham Upheld By Appeals Court - Smith Denied

    DETROIT, Mich., Jan. 6 -- The North Carolina Court of Appeals
announced today its affirmation of the lower court's dismissal of Bruton
Smith's lawsuit against Penske Motorsports Inc. (PMI) , North
Carolina Speedway, Inc. (NCS), and directors of NCS.  Mr. Smith's lawsuit had
challenged the proposed merger of PMI and NCS.  The Court of Appeals was clear
in its unanimous decision that Smith's opposition to the merger is without
merit and that the deal between NCS and PMI was fair as to both price and the
manner in which it occurred.
    Robert H. Kurnick, Jr., Senior Vice President and General Counsel,
commented:  "We are extremely pleased that the Appeals Court has reaffirmed
what PMI, NCS, and the lower court believed all along -- that our merger was
fair and that Mr. Smith's attempt to block it was completely baseless."
    Penske Motorsports, Inc. (PMI) 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 Bernadino 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.