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Penske Out of Long Beach Grand Prix

27 March 1998

Penske Motorsports Sells Its Stock In Grand Prix Association of Long Beach, Inc.

    DETROIT, March 27 -- Penske Motorsports, Inc. (PMI)
today announced that it has sold to Dover Downs Entertainment,
Inc. PMI's 340,000 shares of common stock of Grand Prix
Association of Long Beach, Inc. .  DVD paid PMI $15.50 per share
in cash for each share of GPLB common stock.  PMI purchased the GPLB common
stock in 1997 at an average per share price of approximately $12.50 per share.
    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 Bernardino 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.

SOURCE  Penske Motorsports, Inc.