Sports Capital Partners Completes Acquisition of 80 Percent Stake in Skip Barber Racing School

Business Wire, March 25, 1999

NEW YORK, N.Y. and LAKEVILLE, Conn.--(BUSINESS WIRE)--March 25, 1999--IMG/Chase Sports Capital Partners, of New York, today announced that it has completed its previously announced acquisition of an 80 percent ownership interest in Skip Barber Racing School, Inc., of Lakeville, Conn., the world's leading trainer of professional and amateur race car drivers. The transaction value, which is contingent upon the achievement of certain performance incentives, is expected to be between $25 million and $35 million.

Skip Barber, founder of Skip Barber Racing School, has retained an ownership interest in the company and will continue to serve as its president and chief executive officer.

With nearly 400 employees, a fleet of 225 vehicles, and 30 race tracks around the United States, the Skip Barber Racing School has become the leading motorsports and automotive education brand in the world. Skip Barber Racing School has provided training for one-fourth of the current NASCAR Winston Cup field and one-third of the drivers in the Indy 500 for the past decade. Current and former clients include professional drivers such as Jeff Gordon (NASCAR Winston Cup) and Michael Andretti (CART), and well-known celebrities such as Jerry Seinfeld and Paul Newman.

Skip Barber Racing School operations include:

o The world's largest racing and driving school, with a customer

base of 270,000;

o The Formula Dodge Race Series, the largest open-wheel amateur

championship in North America;

o The Barber Dodge Pro Series, an internationally recognized and

televised professional race series that has become the premier

open-wheel development series in the country;

o The Skip Barber Scholarship Ladder, the most comprehensive

scholarship system in the United States that awards $1 million

annually and helps drivers progress from Karting to the CART

FedEx Championship Series;

o The Skip Barber Racing School Corporate Group, which provides

custom tailored programs for corporate clients' sales,

motivational, educational and entertainment needs; and

o The Skip Barber Racing Special Projects Group, the world's

largest automotive training and demonstration division. The

Special Projects Group designs and implements turnkey events for

nearly every major automobile manufacturer in the world.

Sports Capital Partners, formed in February 1998 by International Management Group, Chase Capital Partners and Managing Partner David S. Moross, is a private investment fund established to provide investors with significant long-term capital appreciation by investing globally in sports and related businesses. The firm is headquartered in New York at 65 East 55th Street, 18th floor, New York, NY 10022. David Moross telephone: (212) 634-3399; fax: (212) 634-3346.