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.
Top Story
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.
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