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January 03, 1997

By Gerald Levinson CMA

Penske Motorsports, Inc.

Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY) will acquire approximately 54 acres of land immediately adjacent to the California Speedway (known as Speedway Business Park) from Kaiser Ventures Inc. for $13.35 million, or approximately $5.67 per square foot. Upon consummation of the transaction, Kaiser will receive $5 million in cash and approximately 254,000 shares of PMI's common stock valued at $8.35 million. The transaction is scheduled to close during the fourth quarter. The agreement expands PMI's California Speedway property from 475 acres to 529 acres.

Richard J. Peters, PMI's President and CEO, said, "This land acquisition is a tremendous addition to the California Speedway, providing the Company with the opportunity to explore other related activities. All of our suites and other corporate hospitality venues for the 1997 season are already sold, and demand for tickets is outstanding. The purchase of this property, which is prime frontage located along the Speedway's main entrance, provides us significant capability to increase revenues and expand our facilities at the Speedway."

According to Richard E. Stoddard, Kaiser's Chairman and Chief Executive Officer, the sale of the 54-acre Speedway Business Park for a combination of cash and stock exemplifies and validates the company's long-term strategy to convert its underutilized assets into growing businesses.

"Our partnership with Penske Motorsports has been a tremendous success," Stoddard said. "We're pleased to increase our interest in the preeminent company in the motorsports industry while also strengthening our overall financial position."

Penske Motorsports is a leading promoter and marketer of professional motorsports in the United States. PMI owns and operates, through its subsidiaries, Michigan Speedway in Brooklyn, Michigan and Nazareth Speedway in Nazareth, Pennsylvania, and is constructing the California Speedway, a superspeedway near Los Angeles, California. PMI also produces and markets motorsports-related merchandise and accessories such as apparel, souvenirs, collectibles; and it distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the U.S.