From rec.autos.sport Fri Apr 22 04:33:47 1994 Newsgroups: rec.autos.sport.info,rec.autos.sport Path: darkstar.UCSC.EDU!news.hal.COM!olivea!charnel!charnel.net.csuchico.edu!nic-nac.CSU.net!usc!howland.reston.ans.net!europa.eng.gtefsd.com!gatech!newsxfer.itd.umich.edu!zip.eecs.umich.edu!yeshua.marcam.com!hookup!metrics.com!tomh From: reininge@cap.gwu.edu (David Reininger) Subject: INDYCAR: Penske Plans New Speedway Followup-To: rec.autos.sport Approved: tomh@metrics.com Sender: tomh@metrics.com (Tom Haapanen) Organization: Software Metrics Inc. Date: Thu, 21 Apr 1994 03:48:23 GMT Message-ID: Reply-To: reininge@cap.gwu.edu (David Reininger) Lines: 69 Xref: darkstar.UCSC.EDU rec.autos.sport.info:119 rec.autos.sport:52073 KAISER RESOURCES & PENSKE SPEEDWAY PLAN TO DEVELOP CALIF. SPEEDWAY ----------------------------------------------------------------- RANCHO CUCAMONGA, CALIF. (April 20, 1994) -- Kaiser Resources, Inc. (NASDAQ:KRSC) and Penske Speedway, Inc. announced today that they have entered into an agreement to develop The California Speedway, a high-speed oval track for professional auto racing, located near Fontana, California in San Bernardino County. Plans call for the new facility to be built on approximately 500 acres of Kaiser's former steel-manufacturing mill near the intersection of Interstates 10 and 15. Under agreement, a new business entity will be formed comprised of The California Speedway and Penske's privately-owned Michigan International Speedway (MIS) near Brooklyn, Michigan and Nazareth (PA) Speedway. The formation of the new entity is expected to occur upon Kaiser's completion of the scheduled environmental remediation of a small portion of the property and the granting of acceptable land use permits by the County of San Bernardino. Kaiser and Penske are jointly funding the preliminary activities and expect to submit the first of the necessary applications to the County of San Bernardino within the next four months. Upon completion of the specified objectives, Kaiser will have a 20 percent interest in the new speedway entity with Penske, which is responsible for operating the business, having an 80 percent interest. According to Daniel N. Larson, Kaiser Resources, Inc. President and Chief Executive officer, "This is a tremendous opportunity for Kaiser, the Penske organization and, most importantly, motorsports racing fans throughout Southern California. Roger Penske and his entire organization are world-class partners. With Penske Speedway's experience in the development and operation of motorsports facilities, combined with the local community and political support, we intend to make every effort to bring this concept to reality." At MIS, Penske Speedway conducts two national Association for Stock Car Auto Racing (NASCAR) Winston Cup Series events and a Championship Auto Racing Teams (IndyCar) PPG Indy Car World Series 500 mile event. At Nazareth, Penske holds a NASCAR Busch Grand National Series race and a PPG Indy Car World Series event. Walter P. Czarnecki, President of Penske Speedway, Inc. said, "There is great interest in the country's second largest market for the return of professional auto racing competition on a high-speed oval track utilizing the stadium concept we have developed at MIS. We are contacting the major U.S. sanctioning organizations to inform them of our plans for The California Speedway. While there are a number of hurdles between now and the first race, this project has the highest priority. Working closely with Kaiser Resources, we are moving forward to meet our facility completion target of 1996." Throughout Southern California, Penske operates auto dealerships, sells and services Detroit Diesel engines, and maintains Penske Truck Leasing and rental facilities. The Penske organization also owns the most successful team in Indy Car racing history and has won a record nine Indianapolis 500 mile races. Penske also competes with a team in the NASCAR Winston Cup Series. Kaiser Resources, Inc. is an emerging environmental resources company pursuing projects that address critical issues in Southern California including solid waste management, water resources and property redevelopment. --