FOR IMMEDIATE RELEASE:

PALM BEACH AND MEMPHIS INTERNATIONAL RACEWAY OWNERSHIP GROUP ACQUIRES INTERNATIONAL HOT ROD ASSOCIATION® (IHRA)

Jupiter, Fla. (January 29, 2013) - IHRA Entertainment, LLC, a newly formed corporation held by the ownership group of Palm Beach International Raceway™ and Memphis International Raceway™, announced today its acquisition of the International Hot Rod Association® (IHRA), which was majority-owned by Feld Motor Sports®, a division of Feld Entertainment, Inc. The new ownership group will immediately take over management of the 43 year old organization and operate as IHRA Motorsports™.

The acquisition includes 100 percent of the IHRA assets, including the sanctioning body, the Nitro Jam® series, the Thunder Jam® series, the Summit® Pro Am series, the Summit® Super Series program and Drag Review Magazine®.

The ownership group is led by managing partners, Michael Dezer of Dezer Properties and Joseph Lubeck of Landmark Apartment Trust of America, Inc., Edward Kobel of DeBartolo Development, and Jason Rittenberry, President & CEO of the parent company. In 2008, the group purchased the former Moroso Motorsports Park and have since invested over $30 million in the redevelopment of the multi-track venue in Jupiter, Florida. In 2011, they acquired the former Memphis Motorsports Park from Dover Motorsports, Inc. (NYSE: DVD).

Rittenberry will serve as Chief Executive Officer of IHRA Motorsports, while Aaron Polburn will remain as President and General Manager, and Skooter Peaco will continue as Vice President of Race Operations. IHRA Motorsports will continue operations at their Norwalk, Ohio headquarters, and maintain the management team, sponsor partners and sanctioned track partners.

The 2013 IHRA schedule previously announced will remain in place with the Summit® Racing Equipment World Finals for all IHRA categories being held at the Company’s Memphis International Raceway™. Several events will be added to the Nitro Jam® schedule, including a return to the Company’s Palm Beach International Raceway™.

“Today is a landmark day for our Company, the ownership group and the IHRA,” said Jason Rittenberry, CEO of IHRA Entertainment. “IHRA has shown that their entertainment business model is viable and the company can grow. We want to build on the foundation that IHRA has built over the past 40 years and provide the structure and resources it needs to be successful long term in this new motorsports environment.”

“This is a very exciting time for IHRA. We now have a team whose total focus is on IHRA, Nitro Jam® and Thunder Jam®,” said Aaron Polburn, President & General Manager of IHRA Motorsports. “These are incredibly successful guys who will bring a unique vision along with the resources to grow all facets of our business. They are also “car guys” who have a passion for all forms of motorsports. That is a combination that will serve us well in the coming years. This is a great time to be an IHRA fan, racer, sponsor or member track.”

“Our business has evolved to focus more on other Feld Motor Sports productions like Monster Jam® and Nuclear Cowboyz®, so we are pleased that IHRA’s new owners will be able to expand its offerings and maintain the high event quality for which the brand is known,” said Charlie Mancuso, President of Feld Motor Sports.

IHRA Motorsports currently sanctions over 100 drag racing venues in six divisions throughout the United States and Canada and has over 12,000 racer members. They promote two national series - Nitro Jam® and Thunder Jam®. The Company also owns and publishes Drag Review Magazine®, a monthly full color magazine covering the IHRA events, racers, partners and tracks.

For the acquisition of IHRA Motorsports, Murray D. Schwartz, Esq. served as outside legal counsel for IHRA Entertainment, LLC and Michael F. Rogers, Esq., Gardere Wynne Sewell, LLP served as outside legal counsel to Feld Entertainment, Inc. Foros Group acted as financial advisor to Feld Entertainment, Inc.

This is the best news!!

To: All IHRA Member Tracks, Sponsors and Members



I’m pleased to announce that IHRA has been purchased from Feld Entertainment by an investor group of “car guys” and current members of the drag racing community.



Each time we have been through an ownership group change, that group purchased the entire motorsports division that we have been a part of for the last 10 + years and we basically came along for the ride. This time we will be breaking away from the motorsports division and will be 100% owned by the group that currently owns and manages Palm Beach International Raceway and Memphis International Raceway. These folks have been working on purchasing IHRA from Feld Entertainment for the last several years even though IHRA was never “for sale”.



Joe Lubek, Michael Dezer and Jason Rittenberry are the three people that will own IHRA. I have included some background info on each below and a quick link to Mr. Dezer’s personal car collection which spans over 1,800 vehicles!



http://www.dezercollection.com/about/



To be honest, it will be nice to get back to being owned by folks in our industry. It doesn’t change anything from a business plan point of view. We are still a for profit company that conducts sportsman racing events, sanctions tracks and puts on shows during the season.



The reason IHRA was purchased was because of our focus on member tracks, sportsman racing and entertainment. These things really line up with the ownership’s core values since they have purchased and restored major facilities. The Nitro Jam entertainment model has made enough steady progress to be invested in and grown. The product of our hard work is that were targeted for being purchased because these folks see what the potential is and they understand our business.



Each time IHRA is purchased there is always hesitation, reservation and speculation about the future. I swear IHRA has probably been out of business or dead ten times in the last ten years according to the internet. This time there won’t be any of that. The ownership vision is much clearer, there are no corporate giants to contend with for resources and as a bonus, the new owners already have a track record of buying, investing in and growing two magnificent facilities within our sport.



IHRA will still be located in Norwalk Ohio in the same offices we just moved into a few months ago. The same people will still be here working hard every day to help our member tracks, improve sportsman racing and help our corporate partners sell their products. None of the core philosophies I’ve just mentioned will be changing. What will be changing is our ability to think beyond our limits and make a good business plan to grow that is nurtured by several people with the financial resources and passion for our sport. These folks made an investment in today’s IHRA and all that it has become. They will provide the stability and resources necessary to move IHRA forward as it continues to evolve as long as we have a financially sound game plan in place.



I hope you are as excited about the future as we are. This is all pretty new to us so I’m sure there will be more that I have not covered. If you have any questions please feel free to contact me. Other than an e-mail change back to @ihra.com in a few weeks, all of my contact info below is still the same.



Best Regards,





Skooter Peaco



Skooter Peaco | Vice President

IHRA Motorsports
(:: (419) 660-4217 / 419-668-6601 fx
8:: speaco@feldinc.com
*:: 300 Cleveland Road | Norwalk, Ohio | 44857








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Joseph G. Lubeck > Managing Partner Moroso Investment Partners, LLC (Palm Beach International Raceway™)

Joseph G. Lubeck, Esq. is Founder and Managing Partner of Landmark Residential, a major owner and manager of multifamily rental properties throughout the Southeast. The current portfolio encompasses 12,000 units in eight states. In his career with Landmark, Mr. Lubeck has orchestrated approximately $1.5 billion in investments, representing equity of over $400 million. With his oversight, Landmark investors have averaged a return of 23% IRR. Now a subsidiary of publicly traded Israeli company Elco Holdings, (TSE) Mr. Lubeck continues to run Landmark as CEO and managing partner, overseeing additional committed equity of $700 million.



Joe has significant training and expertise in key areas of residential, multifamily and commercial acquisition, finance and development and is a skilled zoning and transactional attorney. Joe grew up in the real estate business and learned every aspect of apartment operations literally from the ground up. An honors graduate of Cornell University, Joe holds a Juris Doctor degree

from Delaware Law School.



Mr. Lubeck, in addition to being a successful executive and investor, has collected and raced numerous cars of all types and ages. He led the investment group that purchased and rebuilt Palm Beach International Raceway and established the Palm Beach

Driving Club. Since acquiring PBIR, Mr. Lubeck has served as Managing Partner of Moroso Investment Partners, LLC, and will continue to serve as Managing Partner of IHRA Entertainment. In conjunction with Mr. Feld, Mr. Lubeck has assembled an outstanding group of seasoned motorsports and entertainment professionals to oversee, operate and grow IHRA Entertainment.







Michael Dezer > Partner Moroso Investment Partners, LLC (Palm Beach International Raceway™)

The name of Michael Dezer is synonymous with the spirit of community and achievement. Born and raised in Tel Aviv, Israel, Michael Dezer immigrated to the United States in 1962 after having served in the Israeli Air Force. In 1970 Michael Dezer founded Dezer Properties Company, a now prominent New York City commercial Real Estate Company. Today the Dezer Properties Company portfolio boasts holdings which include 20 commercial buildings, 8 Commercial coop’s and 1 luxury residential loft condominium, ranging from a 9-story, 50 foot wide building to a 19-story building with over 120,000 square feet. The Dezer Properties of New York’s portfolio is the largest of its kind and currently encompasses more than 1.3 million square feet of rental space.



In 1985, Michael began to purchase oceanfront property in Miami Beach. Today he owns the well-known Howard Johnson Plaza Dezerland Beach & Spa in Miami Beach Florida, which is situated on over two oceanfront acres, as well as the Travelodge Monaco Beach Resort, the Days Hotel Thunderbird Beach Resort and several other local condo and resort properties that represent over

25 oceanfront acres and 2000 linear feet of beachfront. In addition to the aforementioned holdings, Mr. Dezer also retains the development rights to additional properties in Sunny Isles Beach that represent over 30 oceanfront acres.



Together with his son Gil, Michael Dezer is currently the developer of several ongoing oceanfront projects in Sunny Isles Beach, namely Ocean IV, Trump Grande Ocean Resort & Residences featuring Trump International Beach Resort- a condo hotel, and two luxury residential condominium towers, Trump Palace and Trump Royale respectively. In addition to these projects in Sunny Isles

Beach, Florida they are also partners with Jorge Perez in the Trump Towers (Miami) project, and with Wood Partners in the Trump Towers Atlanta project in Georgia.









Jason M. Rittenberry, CFE > President & Chief Executive Officer

Moroso Investment Partners, LLC (Palm Beach International Raceway™)

Jason Rittenberry, CFE is President and Chief Executive Officer of Moroso Entertainment, LLC, the privately held parent company of multiple sports and entertainment properties. The company’s showcase facility is the state-of-the-art Palm Beach International Raceway in Jupiter, Florida and the premier high performance private membership club, the Palm Beach Driving Club in Palm Beach, Florida. In 2011, under the direction of Rittenberry, Moroso Entertainment acquired Memphis International Raceway (formerly Memphis Motorsports Park) in Memphis, Tennessee and he currently oversees operations of 850+ events at the multiple venues owned and operated by the Company.



As one of the industry’s forward-thinking executives, Rittenberry is a proven successful senior level sports and entertainment venue manager with extensive experience in all facets of public facility management. These include P&L management, event management, event promotion, event booking, strategic and budgetary planning, business development, sponsorship sales, box office operations, emergency preparedness, crisis management, and turn-around operations. He has managed venues that host hundreds of events annually, secured, maintained and developed a $40M+ annual operating budget and facilitated mid-eight figure strategic business development initiatives with private equity partners. He is well respected by his peers in the venue management industry and is actively involved through several industry associations, as well as serving as the face of the venues in the community and media.



In November 2009, Rittenberry’s sports and entertainment management expertise brought him to Moroso Entertainment. His extensive background includes promoting live events for National Association for Stock Car Auto Racing (NASCAR), National Hot Rod Association (NHRA) & International Hot Rod Association (IHRA) drag racing, dirt racing, sports cars and road racing, in addition to concerts, festivals, trade shows,

meetings, corporate and lifestyle entertainment events. Prior to his position with Moroso, Rittenberry served as Vice President & General Manager of Memphis Motorsports Park in Memphis, TN (a

Dover Motorsports, Inc. NASCAR facility NYSE:DVD) for nine years.

I would think this might be a good thing.

Love the IHRA and I hope this keeps them going in the right direction. They are SO much more racer friendly than the NHRA is. Here is some more good news I just read on Dragraceresults. IHRA Contingency Postings Up 12 Percent in 2013
Courtesy of IHRA Communications

IHRA Season Opener at Immokalee Regional Raceway Less Than a Week Away




NORWALK, Ohio --

Following a busy offseason highlighted by format changes, increased payouts and exciting new looks to some familiar programs, the International Hot Rod Association is pleased to announce that the 2013 Contingency program is as strong as ever as postings are currently up 12 percent from last season with more sponsors on the way.

Already in 2013 some two dozen companies have posted for racing products with more being added every week. Heading into the IHRA Summit Racing Equipment Pro-Am Tour presented by AMSOIL season opener at Immokalee Regional Raceway these sponsors are looking forward to the start of the 2013 IHRA racing season and are excited to be involved in the new-look Summit Pro-Am Tour and Nitro Jam racing series.

"Our contingency sponsors are the backbone of IHRA sportsman racing," said Robert Jaramillo, IHRA Director of Contingency. "Every competitor that races with the IHRA owes a big thank you to each and every one. In these tough economic times it is great to see so many sponsors actively supporting those that support them."

In 2013 IHRA Contingency sponsors will be a part of upwards of 40 IHRA events including the Summit Racing Equipment Pro-Am Tour, Nitro Jam series and the IHRA Summit Racing Equipment World Finals at Memphis International Raceway.

Sponsors currently committed to the 2013 IHRA racing season include Altronics, ATI Performance Products, Auto Meter, Brodix, Cometic Gaskets, Dart Machinery, Ford Racing, Goodyear, Haulmark Trailers, Holley Performance, Hoosier Tires, Hughes Performance, JEGS, The Mad Scientist, Manley Performance, Mickey Thompson Tires, Moser Engineering, MSD Ignition, PTC, QA1, RJS Racing Equipment, Sonny's Racing Engines, Strange Engineering and Summit Racing Equipment.

With more sponsors signing up every day, check back with www.ihra.com often and visit Contingency Central to find the latest sponsor updates.

Vice President's name is Skooter?

Kevin

I believe it is a great deal for the Sportsman Racers and Nostalgia Racers. As we all know NHRA could give a rats A$$ about us! Their only interest is about the John Forces of the world and that's quite obvious.

The sad thing they don't even care about Pro Stock, based on the little bit of TV coverage you receive, and you won't even get a run down on the sportsmens results, unless one of the Force girls win their class.

I wish the new owners great success and look foreward to the future! HEMI JOE

i am a local racer @ pbir and all i can say about this subject is good luck, lets hope they do a good job for sure "BUT" these people @ the south florida track care nothing about local grass roots racers or drag racing , maybe ferrari's and lambos on their road course and drinking wine , they have turned our bracket racing program into a joke 8 total races for the season yes 8 . in a state where there is no weather factor AND we have not had a drag race there since nov 2012 and trust me the weather is BEYOND PERFECT HERE NOW . i do of course hope they step up and maybe plan more racing for us locals as well as grow the ihra bigger and better. this subject of pbir just hits a nerve with me sorry, very agrivating not being able to race when i live 30 mins from this place and i drive 1hr20 min to north miami ,countyline dragway to race.

Yea I seen posts on other forum that did't set to well with this.. But hey the IHRA been screw up for a flew years now !

While the facility has been upgraded and is first class the day to day operation are the WORST!!!! I live 15 minutes from the track and just hate going out there. The smallest oil down is at least a 1 hr delay. They do not prep the track on test n tune nites. and the oddest thing.... every friggen nite at 8:30 there is a shut down for some reason that goes 30 minutes to an hr. What the hell is that about??? Pizza time???? Union break???? I hope they can improve employee moral and run the bracket and test n tune programs like professionals.