CHAMPCAR/CART: Penske MoSports future track?

Received from PRNewswire Penske Motorsports Enters Into Option to Purchase Property in Colorado DETROIT, Aug. 12 /PRNewswire/ -- Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY), today announced that it has entered into an...

Received from PRNewswire

Penske Motorsports Enters Into Option to Purchase Property in Colorado DETROIT, Aug. 12 /PRNewswire/ -- Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY), today announced that it has entered into an option agreement to purchase approximately 640 acres in the Denver metropolitan area. The property is located in Adams County, 15 miles from downtown Denver, and near the new Denver International Airport. Under the agreement, PMI will have access to the property to conduct customary due diligence and to engage in those pre-development activities necessary to obtain approval for the construction and operation of a permanent motorsports complex. The purchase would also be subject to customary conditions. PMI did not disclose the terms of the agreement. Penske Motorsports, Inc. is a leading promoter and marketer of professional motorsports in the United States. PMI owns and operates the following through its wholly owned subsidiaries: Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; and California Speedway near Los Angeles, California. PMI also has a majority ownership of the North Carolina Motor Speedway near Rockingham, North Carolina; holds a 40% interest in Homestead-Miami Speedway, LLC, near Miami, Florida; and has a minority interest in Grand Prix Association of Long Beach, Inc. 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. 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, AG Kuhnle, Kopp and Kausch, 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. SOURCE Penske Motorsports, Inc. -0- 08/12/97 /CONTACT: James H. Harris, Senior Vice President and Treasurer of Penske Motorsports, 313-592-5258, or fax, 313-592-7332/ (SPWY) CO: Penske Motorsports, Inc. ST: Michigan, Colorado IN: AUT SU: AM-JC -- DETU029 -- 9316 08-12-97 16:20 EDT http://www.prnewswire.com

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Series IndyCar , General , NASCAR Cup