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SFX BUYS CONTROLLING INTEREST IN IHRA

DRO received the following press release March 6 at 2:00PM from SFX:

"SFX, the world’s largest producer and marketer of live entertainment, announced today it has acquired a majority interest in the International Hot Rod Association (IHRA), a leading sanctioning body of professional and sportsman drag racing throughout the United States and Canada.

"The addition of the IHRA strengthens SFX Motor Sports Group’s position as the leading promoter of specialized motorsports events, which also includes the USHRA Monster Jam Tour, the AMA-sanctioned EA Sports Supercross Series, the IFMA Freestyle Motocross Tour, and the National Arenacross Series. While the 11-event IHRA Summit Drag Racing Series is the premier attraction on the annual IHRA calendar, the 31-year-old series also sanctions more than 30 divisional events.

"Based in Norwalk Ohio, the IHRA has more than 13,000 members and sanctions events at 80 racing facilities throughout North America. The IHRA will continue to operate under the leadership of the present management team, including its President Bill Bader, who will retain a minority interest in the IHRA.

"SFX Motor Sports Chairman Jeff Lewis said, ‘SFX has a goal of significantly building our motorsports business in the U.S, and around the world in the next few years, and the IHRA is an important component of that plan. IHRA drag racing has been enjoying a steady rise in popularity. With the powerful promotional resources of SFX and our parent company Clear Channel available to support it, we plan to bring the IHRA to new markets in North America and possibly abroad as well.’

"Bill Bader said, ‘We are elated to forge this partnership with SFX Motor Sports Group. We have worked with SFX for many years and are confident that the partnership will enable us to accelerate growth and marketing opportunities for our tracks, race teams, spectators, sponsors and television viewers. Having worked closely with the SFX Motor Sports team we are confident this partnership will enable IHRA to reach new heights.’

"SFX, a subsidiary of Clear Channel Communications (NYSE:CCU), is the world’s largest producer and marketer of live entertainment events. SFX currently owns, operates and/or exclusively books 130 live entertainment venues, including 44 amphitheaters in the U.S. Each year, more than 60 million people attend approximately 26,000 events promoted and/or produced by SFX, including: Live music events; Broadway and touring Broadway shows; family entertainment shows; and specialized sports and motor sports shows. SFX also provides strategic sports marketing sales and consulting services to professional and college teams, leagues, venues and properties.

"In addition, SFX owns a leading full-service talent management company, specializing in the representation of athletes and broadcasters. SFX is headquartered in New York City. More information is available at www.sfx.com.

"Clear Channel Communications, Inc., headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio and television stations, outdoor displays and entertainment venues in 45 countries around the world. Including announced transactions, Clear Channel operates over 1,170 radio and 17 television stations in the United States and has equity interests in approximately 240 radio stations internationally. Clear Channel also operates approximately 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world."

It was earlier announced that IHRA signed Tour Design Creative Services, a division of SFX Entertainment, to provide commercial production and imaging. Tour Design Creative Services, Indianapolis, provided the advertising and imaging campaign for the 2000 Britney Spears World Tour and also produces long-form television for ESPN Classic, Fox Sports Network and the History Channel.

See DRO’s Innerview with Bill Bader for more insight into this breaking story and other IHRA related news.

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