Penske Buys Out Wallace and Miller (NEXTEL Cup)

[Shiba-Kun]

Penske Buys Out Wallace and Miller


Posted Monday, May 16, 2005


MOORESVILLE, N.C. - Penske Performance, Inc., the majority shareholder of Penske Racing South, Inc., announced Monday that it has purchased the individual ownership interests in the company held by Rusty Wallace, Don Miller and John Erickson.

"The transaction represents an opportunity to reward Rusty, Don and John for their many contributions to the growth and success of the company," said Roger Penske, chairman of Penske Performance.

"Penske Racing South is committed to its participation as a competitor in NASCAR. We enjoy the support of a dedicated and loyal group of sponsors who will be with us well into the future. Our focus is to maximize all three cars' performance every week with winning the Nextel Cup Championship as our goal."

Don Miller said, "The purchase allows me to extract the equity that I put into the company over the last 14 years. For me, the time is right. Given our recent investments to grow the company, this helps relieve some of my personal financial burden. I look forward to fulfilling my management responsibilities on an ongoing basis."

Rusty Wallace noted that "this deal is important to my future as I move into the next phase of my career."

"I value the opportunity to have been an owner at the Nextel Cup level and I am excited about contributing to the success of the team going forward, especially in my remaining races as a driver. Penske Racing South has been a great part of my life," Wallace said.

John Erickson said, "I appreciate having been part of the ownership structure. I will continue to do my best in helping build a championship team."

The terms of the transaction are confidential.
--------------------------------------------------------------------------------