Editor’s Note: Each month in recognition of SPEED SPORT’s 90th anniversary, the SPEED SPORT Insider will use the National Speed Sport News archives to look back at what happened in the racing world 25 years ago.
Penske-ISC Merger Creates Race Giant!
On the eve of the Penske Motorsports, Inc. annual meeting, it was announced International
Speedway Corp. has agreed to acquire the 88 percent of Penske it does not already own through a $700 million merger.
The amalgamation of tracks will increase ISC’s portfolio of raceways to 10 superspeedways and motorsports facilities across the nation with more than 800,000 seats and 400 corporate suites.
In 1998, the two public companies grossed in excess of $306 million with $92 million in operating income.
Under the terms of the merger, ISC will acquire the PMI common shares it does not own for $50 per share, subject to certain conditions.
Penske Motorsports stockholders will receive this as $15 in cash and $35 in Class A ISC Common Stock or in $50 of ISC Class A Common Stock.
William C. France Jr. will remain as chairman and CEO. Roger Penske will serve as vice-chairman.
Other News
-Three Killed By Debris:
What has generally been one of the shining moments for the Pep Boys Indy Racing League turned out to be the darkest night in the 40-year history of Charlotte Motor Speedway.
Three spectators were killed and eight injured when they were struck by debris following a crash during the VisonAire 500. The race was canceled after the crash and is the first Indy car race in history canceled because of a fatality.
-WoO, SMI To Support Sprint Car Racing: National Speed Sport News has learned that Speedway Motorsports is negotiating to host at least one World of Outlaws Sprint Car Series race at Atlanta, Charlotte and Texas Motor Speedways as soon as the 2000 season.
-Indy Lands F-1 Date: The inaugural United States Grand Prix at Indianapolis Formula 1 race has been tentatively scheduled for Sept. 24, 2000 at Indianapolis Motor Speedway. The date is subject to application for the date from the United States Auto Club through ACCUS and ratification by the FlA.
Big Winners
-Brack Wins For Foyt: Kenny Brack believed he had to drive the perfect race in order to win the Indianapolis 500. That meant conserving his fuel, using the right pit strategy and not trying to force the issue until it mattered the most. He did just that to give team owner A.J. Foyt his fifth Indy 500 triumph. Brack earned $1,465,150.
-Montoya Wins Three Straight: Rookie sensation Juan Montoya continued to make history, winning his third consecutive CART FedEx Championship race in dominant fashion before 55,000 fans at Emerson Fittipaldi Speedway near Rio de Janeiro, Brazil.
-Labonte Wins Winston: One Hendrick Motorsports team gambled and lost, but a second played the percentages and won the 15th annual The Winston at Charlotte Motor Speedway. A four-tire stop keyed Terry Labonte’s triumph over teammate Jeff Gordon and Tony Stewart.
Newman Dominates: Ryan Newman was the fast qualifier and led every lap to win the 100-lap USAC Silver Crown Series race at Indianapolis Raceway Park, beating Tracy Hines to the checkered flag.
The Advertising Department
Amoco supported its sponsorship of World of Outlaws champion Dave Blaney as he ventured into NASCAR competition with a full-page ad in a May issue of National Speed Sport News.
THIS ARTICLE IS REPOSTED FROM THE MAY 29 EDITION OF SPEED SPORT INSIDER
SPEED SPORT Insider is the ad-free premium extension of SPEEDSPORT.com. Insider is dedicated to the best and brightest in motorsports journalism – created by the best writers, photographers and reporters in the business. From veteran Hall of Fame writers like Bones Bourcier, Dave Argabright, Pat Sullivan, Keith Waltz, Ralph Sheheen and Editor in Chief Mike Kerchner, to behind the scenes SPEED SPORT reporters like Grace Woelbing, David Hoffman and more.
By subscribing to Insider, you not only get exclusive access to this premium content, but you support the journalists that are vital to telling the stories that matter most. Subscriptions are just $5/mo or $44.95 for an entire year. View plans and details.
SPECIAL OFFER! Subscribe now with this link and save $5.00!
