New Landlords at Homestead

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New Landlords at Homestead
©1997 SpeedCenter Internet Publishing, Inc.
PMI and ISC aquire controlling interest of Metro-Dade Homestead Motorsports Complex
MIAMI, Fla. (July 23, 1997) — Penske Motorsports Inc. (NASDAQ: SPWY) and International Speedway Corporation (NASDAQ/NM: ISCA and NASDAQ Bulletin Board: ISCB) announced today they have each purchased a 40% interest in Homestead-Miami Speedway, LLC, the operators of Metro-Dade Homestead Motorsports Complex (M-DHMC) in Dade County, Fla.
Ralph Sanchez, the founder of Metro-Dade Homestead Motorsports Complex, and partner H. Wayne Huizenga, will each maintain a 10 percent ownership interest in the two-year-old facility. The 1.5-mile track recently underwent an $8.2 million reconfiguration transforming the original quad-oval into a symmetrical oval track, creating what industry leaders expect to be an even more competitive and entertaining race track.
In addition to the oval track, M-DHMC includes a 2.21-mile road course. The state-of-the-art 344-acre facility is located in the vibrant South Florida market which includes several of Florida's largest cities and some of America's most rapidly growing communities including Miami, Fort Lauderdale and West Palm Beach.
The much-heralded track was opened in November, 1995, and has hosted a diverse schedule of championship racing in its short history. Among the events contested annually at Homestead are the Marlboro Grand Prix of Miami (CART), the Jiffy Lube Miami 300 (NASCAR Busch Series) and the Florida Dodge Dealers 400 (NASCAR Craftsman Truck Series).
The announcement was made by Sanchez, PMI President Greg Penske and ISC President Jim France. In addition to his ownership, Sanchez will remain president and will oversee the continuing operation and growth of the facility. Both Sanchez and Huizenga will be members of the Speedway's Management Committee.
"This partnership is the culmination of all my years of hard work and dedication to bringing a world-class motorsports facility to South Florida," said Sanchez. "It has been my life's work to be able to make the Metro-Dade Homestead Motorsports Complex not only a reality, but the best motorsports facility in the world. This partnership will only make that dream more of a reality.
"With the cooperation of the Metro-Dade County, the City of Homestead and Wayne Huizenga, the Metro-Dade Homestead Motorsports Complex is today considered one of the finest motorsports facilities in the United States. Now with the support of ISC and PMI, we will strive to achieve all the goals established when this facility was originally conceived."
For both PMI and ISC, the past several months have been marked by successful expansions of their respective businesses.
On June 22, the inaugural California 500 presented by NAPA marked PMI's successful opening of the much-anticipated California Speedway, one of America's top sporting venues. Jeff Gordon won the event in front of a sold-out grandstand, which marked the return of NASCAR Winston Cup racing to Southern California.
PMI also recently acquired controlling interest in North Carolina Motor Speedway in Rockingham, N.C. NCMS plays host to two NASCAR Winston Cup events each year in addition to several other major NASCAR events. On July 14, ISC announced its purchase of Phoenix International Raceway, a 65,000-seat one-mile oval located in the picturesque Sonoran Desert. The "fastest one-mile oval" annually plays host to championship motorsports events for NASCAR, IRL, USAC, SCCA and AMA.
In early June, ISC acquired 100 percent interest in Watkins Glen International, the fame road course in New York State which the company had shared ownership of with Corning Enterprises.
"With the addition of Metro-Dade Homestead Motorsports Complex, PMI now has interest in five major auto racing facilities in the country," said Penske. "With the opening of the California Speedway outside Los Angeles and the addition of this beautiful facility near Miami, we are positioned in two of the country's fastest growing and most prestigious markets. To have ownership in facilities in both Miami and Los Angeles is a promoter's dream, regardless of the sport."
"In less than two months, ISC has entered into track ownership in two of America's most exciting and fastest growing markets (Phoenix and Miami), as well as acquiring 100 percent ownership of a famed road-course racing facility in Watkins Glen, N.Y.," said France. "This partnership aligns ISC with several great partners at perhaps America's most beautiful sports arena. The Homestead Motorsports Complex was the first of the new ultra-modern racing venues that all track developers are striving to duplicate. Ralph and his team have done a tremendous job in developing this project and we look forward to its future."
PMI is a leading promoter and marketer of professional motorsports in the United States. In addition to its holdings in M-DHMC and NCMS, it owns, operates, through wholly-owned subsidiaries, Michigan Speedway in Brooklyn, Mich.; Nazareth Speedway in Nazareth, Penn; and California Speedway in San Bernandino County, Calif. 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.
PMI is a subsidiary of Penske Corporation, a closely-held, diversified transportation services company which conducts its business through a number of wholly- or partially-owned companies. In addition to Penske Motorsports, Inc., those companies include Detroit Diesel Corporation; Penske Truck Leasing Company; Diesel Technology Company; AG Kuhnle, Kopp and Kausch; Penske Automotive Group, Inc.; Penske Auto Centers, Inc.; and Penske Capital Partners. Penske Corporation manages businesses with annual revenues exceeding $6 billion and employs more than 28,000 around the world.
Among ISC holdings are the world-famous Daytona International Speedway (2.5-mile superspeedway) in Daytona Beach, Fla.; Phoenix International raceway in Phoenix, Ariz.; Talladega Superspeedway (2.66-mile trioval) in Talladega, Ala.; Darlington Raceway (1.366-mile oval) in Darlington, S.C.; Watkins Glen International (2.454-mile road course) in Watkins Glen, N.Y. and Tucson Raceway Park (3/8-mile oval) in Tucson, Ariz.
ISC also owns approximately 11 percent of Penske Motorsports, Inc.
ISC non-track holdings include MRN radio, the nation's largest independent sports radio network, Americrown Service Corporation, a wholly-owned catering and souvenir subsidiary and DAYTONA USA, and interactive motorsports-themed entertainment complex at Daytona International Speedway.
ISC Continues to persue investment in new major motorsports facilities in the Midwest, including Kansas City, as well as on the west coast, including Sacramento, Calif.
In addition, ISC is partnering with the Indianapolis Motor Speedway Corporation to develop a motorsports facility in the Chicagoland area.
Source: Miami Motorsports


		NOW AVAILABLE! — The Official Directory for CART Racing

		New Landlords at Homestead ©1997 SpeedCenter Internet Publishing, Inc. PMI and ISC aquire controlling interest of Metro-Dade Homestead Motorsports Complex MIAMI, Fla. (July 23, 1997) — Penske Motorsports Inc. (NASDAQ: SPWY) and International Speedway Corporation (NASDAQ/NM: ISCA and NASDAQ Bulletin Board: ISCB) announced today they have each purchased a 40% interest in Homestead-Miami Speedway, LLC, the operators of Metro-Dade Homestead Motorsports Complex (M-DHMC) in Dade County, Fla. Ralph Sanchez, the founder of Metro-Dade Homestead Motorsports Complex, and partner H. Wayne Huizenga, will each maintain a 10 percent ownership interest in the two-year-old facility. The 1.5-mile track recently underwent an $8.2 million reconfiguration transforming the original quad-oval into a symmetrical oval track, creating what industry leaders expect to be an even more competitive and entertaining race track. In addition to the oval track, M-DHMC includes a 2.21-mile road course. The state-of-the-art 344-acre facility is located in the vibrant South Florida market which includes several of Florida's largest cities and some of America's most rapidly growing communities including Miami, Fort Lauderdale and West Palm Beach. The much-heralded track was opened in November, 1995, and has hosted a diverse schedule of championship racing in its short history. Among the events contested annually at Homestead are the Marlboro Grand Prix of Miami (CART), the Jiffy Lube Miami 300 (NASCAR Busch Series) and the Florida Dodge Dealers 400 (NASCAR Craftsman Truck Series). The announcement was made by Sanchez, PMI President Greg Penske and ISC President Jim France. In addition to his ownership, Sanchez will remain president and will oversee the continuing operation and growth of the facility. Both Sanchez and Huizenga will be members of the Speedway's Management Committee. "This partnership is the culmination of all my years of hard work and dedication to bringing a world-class motorsports facility to South Florida," said Sanchez. "It has been my life's work to be able to make the Metro-Dade Homestead Motorsports Complex not only a reality, but the best motorsports facility in the world. This partnership will only make that dream more of a reality. "With the cooperation of the Metro-Dade County, the City of Homestead and Wayne Huizenga, the Metro-Dade Homestead Motorsports Complex is today considered one of the finest motorsports facilities in the United States. Now with the support of ISC and PMI, we will strive to achieve all the goals established when this facility was originally conceived." For both PMI and ISC, the past several months have been marked by successful expansions of their respective businesses. On June 22, the inaugural California 500 presented by NAPA marked PMI's successful opening of the much-anticipated California Speedway, one of America's top sporting venues. Jeff Gordon won the event in front of a sold-out grandstand, which marked the return of NASCAR Winston Cup racing to Southern California. PMI also recently acquired controlling interest in North Carolina Motor Speedway in Rockingham, N.C. NCMS plays host to two NASCAR Winston Cup events each year in addition to several other major NASCAR events. On July 14, ISC announced its purchase of Phoenix International Raceway, a 65,000-seat one-mile oval located in the picturesque Sonoran Desert. The "fastest one-mile oval" annually plays host to championship motorsports events for NASCAR, IRL, USAC, SCCA and AMA. In early June, ISC acquired 100 percent interest in Watkins Glen International, the fame road course in New York State which the company had shared ownership of with Corning Enterprises. "With the addition of Metro-Dade Homestead Motorsports Complex, PMI now has interest in five major auto racing facilities in the country," said Penske. "With the opening of the California Speedway outside Los Angeles and the addition of this beautiful facility near Miami, we are positioned in two of the country's fastest growing and most prestigious markets. To have ownership in facilities in both Miami and Los Angeles is a promoter's dream, regardless of the sport." "In less than two months, ISC has entered into track ownership in two of America's most exciting and fastest growing markets (Phoenix and Miami), as well as acquiring 100 percent ownership of a famed road-course racing facility in Watkins Glen, N.Y.," said France. "This partnership aligns ISC with several great partners at perhaps America's most beautiful sports arena. The Homestead Motorsports Complex was the first of the new ultra-modern racing venues that all track developers are striving to duplicate. Ralph and his team have done a tremendous job in developing this project and we look forward to its future." PMI is a leading promoter and marketer of professional motorsports in the United States. In addition to its holdings in M-DHMC and NCMS, it owns, operates, through wholly-owned subsidiaries, Michigan Speedway in Brooklyn, Mich.; Nazareth Speedway in Nazareth, Penn; and California Speedway in San Bernandino County, Calif. 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. PMI is a subsidiary of Penske Corporation, a closely-held, diversified transportation services company which conducts its business through a number of wholly- or partially-owned companies. In addition to Penske Motorsports, Inc., those companies include Detroit Diesel Corporation; Penske Truck Leasing Company; Diesel Technology Company; AG Kuhnle, Kopp and Kausch; Penske Automotive Group, Inc.; Penske Auto Centers, Inc.; and Penske Capital Partners. Penske Corporation manages businesses with annual revenues exceeding $6 billion and employs more than 28,000 around the world. Among ISC holdings are the world-famous Daytona International Speedway (2.5-mile superspeedway) in Daytona Beach, Fla.; Phoenix International raceway in Phoenix, Ariz.; Talladega Superspeedway (2.66-mile trioval) in Talladega, Ala.; Darlington Raceway (1.366-mile oval) in Darlington, S.C.; Watkins Glen International (2.454-mile road course) in Watkins Glen, N.Y. and Tucson Raceway Park (3/8-mile oval) in Tucson, Ariz. ISC also owns approximately 11 percent of Penske Motorsports, Inc. ISC non-track holdings include MRN radio, the nation's largest independent sports radio network, Americrown Service Corporation, a wholly-owned catering and souvenir subsidiary and DAYTONA USA, and interactive motorsports-themed entertainment complex at Daytona International Speedway. ISC Continues to persue investment in new major motorsports facilities in the Midwest, including Kansas City, as well as on the west coast, including Sacramento, Calif. In addition, ISC is partnering with the Indianapolis Motor Speedway Corporation to develop a motorsports facility in the Chicagoland area. Source: Miami Motorsports