<PAGE>



                                                                     EXHIBIT 2.3

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (the "Agreement"), dated as of August 13,
2003, is by and among DIRT Motorsports, Inc. a New York corporation (the
"Corporation"), Glenn Donnelly the holder of all of the outstanding capital
stock of the Corporation ("Shareholder"), Boundless Motor Sports Racing, Inc., a
Colorado corporation ("Parent"), and Boundless Track Operations, Inc., a Nevada
corporation and a wholly-owned subsidiary of Parent ("Purchaser").

                                   WITNESSETH:

         WHEREAS, Shareholder is the legal and beneficial holder of 200 shares
of the common stock of the Corporation, which shares constitute all of the
issued and outstanding shares of capital stock of the Corporation (the "Stock"),
and Shareholder desires to sell, and Purchaser desires to purchase, the Stock;

         NOW, THEREFORE, in consideration of the mutual representations,
warranties and covenants herein contained, and on the terms and subject to the
conditions herein set forth, the parties hereto hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         1.1. DEFINITIONS. Certain terms used in this Agreement but not
otherwise defined shall have the meanings ascribed thereto in Exhibit A attached
hereto.

                                   ARTICLE II
                                PURCHASE AND SALE

         2.1. PURCHASE AND SALE OF STOCK. Subject to and upon the terms and
conditions contained herein, at the Closing, Shareholder shall sell, transfer,
assign, convey and deliver to Purchaser, free and clear of all adverse claims,
security interests, liens, claims and encumbrances and Purchaser shall purchase,
accept and acquire from Shareholder, the Stock.

         2.2. PURCHASE PRICE. The purchase price for the Stock shall be
$3,550,000 (the "Purchase Price"), fifty percent (50%) of which shall be due and
payable at the Closing, by wire transfer of immediately available funds to the
account designated in writing by Shareholder (the "Cash Consideration"), and the
remaining fifty percent (50%) of which shall be due and payable in shares (the
"Parent Shares") of Parent Stock (valued at the Offering Price).

                                   ARTICLE III
        REPRESENTATIONS AND WARRANTIES OF THE CORPORATION AND SHAREHOLDER

         The Corporation and Shareholder jointly and severally represent and
warrant that the following are true and correct as of the date hereof and will
be true and correct through the Closing Date as if made on that date (all
Schedules referenced in this Article III are contained in the Company Disclosure
Schedule of even date herewith):

<PAGE>


         3.1. OWNERSHIP OF THE STOCK. Shareholder owns, beneficially and of
record, good and marketable title to the Stock, which constitutes all of the
issued and outstanding capital stock of the Corporation, free and clear of all
security interests, liens, adverse claims, encumbrances, equities, proxies,
options or shareholders' agreements. At the Closing, Shareholder will convey to
Purchaser good and marketable title to all of the issued and outstanding capital
stock of the Corporation, free and clear of any security interests, liens,
adverse claims, encumbrances, equities, proxies, options, shareholders'
agreements or restrictions.

         3.2. ORGANIZATION AND GOOD STANDING; QUALIFICATION. The Corporation is
a corporation duly organized, validly existing and in good standing under the
laws of the State of New York, with all requisite corporate power and authority
to carry on the business in which it is engaged, to own the properties it owns,
to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The Corporation is duly qualified and licensed to do
business and is in good standing in all jurisdictions where the nature of its
business makes such qualification necessary, which jurisdictions are listed in
Schedule 3.2. The Corporation does not have any assets, employees or offices in
any state other than New York.

         3.3. CAPITALIZATION. The authorized capital stock of the Corporation
consists of (i) 200 shares of common stock, no par value per share, all of which
shares are issued and outstanding, and no shares of such capital stock are held
in the treasury of the Corporation. All of issued and outstanding shares of
capital stock of the Corporation are duly authorized, validly issued, fully paid
and nonassessable. There exist no options, warrants, subscriptions or other
rights to purchase, or securities convertible into or exchangeable for, the
capital stock of the Corporation. Neither Shareholder nor the Corporation are
parties to or bound by, nor do they have any knowledge of, any agreement,
instrument, arrangement, contract, obligation, commitment or understanding of
any character, whether written or oral, express or implied, relating to the
sale, assignment, encumbrance, conveyance, transfer or delivery of any capital
stock of the Corporation. No shares of capital stock of the Corporation have
been issued or disposed of in violation of the preemptive rights of any of the
Corporation's shareholders. All accrued dividends on the capital stock of the
Corporation, whether or not declared, have been paid in full.

         3.4. CORPORATE RECORDS. The copies of the Articles of Incorporation and
all amendments thereto and the Bylaws of the Corporation that have been
delivered to Purchaser are true, correct and complete copies thereof, as in
effect on the date hereof. The minute books of the Corporation, copies of which
have been delivered to Purchaser, contain accurate minutes of all meetings of,
and accurate consents to all actions taken without meetings by, the Board of
Directors (and any committees thereof) and the shareholders of the Corporation
since the formation of the Corporation.

         3.5. AUTHORIZATION AND VALIDITY. The execution, delivery and
performance by the Corporation and Shareholder of this Agreement and the other
agreements contemplated hereby, and the consummation of the transactions
contemplated hereby and thereby, have been duly authorized by the Corporation
and Shareholder. This Agreement has been, and each other agreement contemplated
hereby will be as of the Closing Date, duly executed and delivered by the
Corporation and Shareholder and constitute or will constitute (as the case may
be) legal, valid and binding obligations of the Corporation and Shareholder,
enforceable against the Corporation


                                       2
<PAGE>


and Shareholder in accordance with their respective terms, except as may be
limited by applicable bankruptcy, insolvency or similar laws affecting
creditors' rights generally or the availability of equitable remedies. The sale
of the Stock by Shareholder to Purchaser will not impair the ability or
authority of the Corporation to carry on its business as now conducted in any
respect.

         3.6. SUBSIDIARIES. The Corporation does not own, directly or
indirectly, any of the capital stock of any other corporation or any equity,
profit sharing, participation or other interest in any corporation, partnership,
joint venture or other entity.

         3.7. NO VIOLATION. Neither the execution, delivery or performance of
this Agreement or the other agreements contemplated hereby nor the consummation
of the transactions contemplated hereby or thereby will (i) conflict with, or
result in a violation or breach of the terms, conditions or provisions of, or
constitute a default under, the Articles of Incorporation or Bylaws of the
Corporation or any agreement, indenture or other instrument under which the
Corporation or Shareholder is bound or to which the Stock or any of the assets
of the Corporation are subject, or result in the creation or imposition of any
security interest, lien, charge or encumbrance upon the Stock or any of the
assets of the Corporation or Shareholder, or (ii) violate or conflict with any
judgment, decree, order, statute, rule or regulation of any court or any public,
governmental or regulatory agency or body having jurisdiction over the
Corporation, Shareholder, the Stock or the assets of the Corporation. The
Corporation and Shareholder have complied with all laws, regulations and
licensing requirements and has filed with the proper authorities all necessary
statements and reports.

         3.8. CONSENTS. Except as set forth in Schedule 3.8, no consent,
authorization, approval, permit or license of, or filing with, any governmental
or public body or authority, any lender or lessor or any other person or entity
is required to authorize, or is required in connection with, the execution,
delivery and performance of this Agreement or the agreements contemplated hereby
on the part of the Corporation or Shareholder.

         3.9. FINANCIAL STATEMENTS. Shareholder has furnished to Purchaser
Shareholder's audited balance sheets and related audited statements of income,
retained earnings and cash flows for the twelve-month periods ended December 31,
2001, 2002 and 2003, including the notes thereto, as well as unaudited balance
sheets and related unaudited statements of income, retained earnings and cash
flows for the six-month period ended June 30, 2003 (collectively, the "Financial
Statements"). The Financial Statements are in accordance with the books and
records of the Corporation, fairly present the financial condition and results
of operations of Shareholder as of the dates and for the periods indicated and
have been prepared in conformity with generally accepted accounting principles
applied on a consistent basis with prior periods.

         3.10. LIABILITIES AND OBLIGATIONS. Except as set forth in Schedule
3.10, the Financial Statements reflect all liabilities of the Corporation,
accrued, contingent or otherwise (known or unknown and asserted or unasserted),
arising out of transactions effected or events occurring on or prior to the date
hereof. All reserves shown in the Financial Statements are appropriate,
reasonable and sufficient to provide for losses thereby contemplated. Except as
set forth in the Financial Statements, the Corporation is not liable upon or
with respect to, or obligated in any other way to provide funds in respect of or
to guarantee or assume in any manner, any debt,


                                       3
<PAGE>



obligation or dividend of any person, corporation, association, partnership,
joint venture, trust or other entity.

         3.11. EMPLOYEE MATTERS.

               (a) CASH COMPENSATION. Schedule 3.11(a) contains a complete and
accurate list of the names, titles and cash compensation, including without
limitation wages, salaries, bonuses (discretionary and formula) and other cash
compensation (the "Cash Compensation") of all employees of the Corporation who
are currently compensated at a rate in excess of $20,000 per year and who earned
in excess of such amount during the Corporation's preceding fiscal year. In
addition, Schedule 3.11(a) contains a complete and accurate description of (i)
all increases in Cash Compensation of employees of the Corporation during the
current and immediately preceding fiscal years of the Corporation's business and
(ii) any promised increases in Cash Compensation of employees of the Corporation
that have not yet been effected.

               (b) COMPENSATION PLANS. Schedule 3.11(b) contains a complete and
accurate list of all compensation plans, arrangements or practices (the
"Compensation Plans") sponsored by the Corporation or to which the Corporation
contributes on behalf of its employees, other than Employee Benefit Plans listed
in Schedule 3.12(a). The Compensation Plans include without limitation plans,
arrangements or practices that provide for severance pay, deferred compensation,
incentive, bonus or performance awards, and stock ownership or stock options.

               (c) EMPLOYMENT AGREEMENTS. Schedule 3.11(c) contains a complete
and accurate list of all employment agreements to which the Corporation is a
party with respect to its employees or is otherwise obligated.

               (d) EMPLOYEE POLICIES AND PROCEDURES. Schedule 3.11(d) contains a
complete and accurate list of all employee manuals, policies, procedures and
work-related rules (the "Employee Policies and Procedures") that apply to
employees of the Corporation.

               (e) LABOR COMPLIANCE. The Corporation: (i) has been and is in
compliance with all laws, rules, regulations and ordinances respecting
employment and employment practices, terms and conditions of employment and
wages and hours; and (ii) is not liable for any arrears of wages or penalties
for failure to comply with any of the foregoing. The Corporation has not engaged
in any unfair labor practice or discriminated on the basis of race, color,
religion, sex, national origin, age or handicap in its employment conditions or
practices. There are no: (i) unfair labor practice charges or complaints or
racial, color, religious, sex, national origin, age or handicap discrimination
charges or complaints pending or threatened against the Corporation before any
federal, state or local court, board, department, commission or agency nor does
any basis therefor exist; or (ii) existing or threatened labor strikes,
disputes, grievances, controversies or other labor troubles affecting the
Corporation, nor does any basis therefor exist.

               (f) UNIONS. The Corporation has never been a party to any
agreement with any union, labor organization or collective bargaining unit. No
employees of the Corporation are represented by any union, labor organization or
collective bargaining unit. To the best knowledge of the Corporation, the
employees of the Corporation have no intention to and have not threatened to
organize or join a union, labor organization or collective bargaining unit.


                                       4
<PAGE>


               (g) ALIENS. All employees of the Corporation are citizens of, or
are authorized to be employed in, the United States.

         3.12. EMPLOYEE BENEFIT PLANS.

               (a) IDENTIFICATION. Schedule 3.12(a) contains a complete and
accurate list of all employee benefit plans (the "Employee Benefit Plans")
(within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA")) sponsored by the Corporation or to which the
Corporation contributes or may be obligated to contribute on behalf of its
employees and all Employee Benefit Plans previously sponsored or contributed to
on behalf of the Corporation's or Shareholder's employees within the three years
preceding the date hereof. Each Employee Benefit Plan has been administered and
maintained in compliance with all laws, rules and regulations. No Employee
Benefit Plan is currently the subject of an audit, investigation, enforcement
action or other similar proceeding conducted by any state or federal agency. No
prohibited transactions (within the meaning of Section 4975 of the Code) have
occurred with respect to any Employee Benefit Plan. No threatened or pending
claims, suits or other proceedings exist with respect to any Employee Benefit
Plan other than normal benefit claims filed by participants or beneficiaries.

               (b) QUALIFICATION. The Corporation has received a favorable
determination letter or ruling from the Internal Revenue Service for each
Employee Benefit Plan intended to be qualified within the meaning of Section
401(a) of the Code and/or tax-exempt within the meaning of Section 501(a) of the
Code. No proceedings exist or have been threatened that could result in the
revocation of any such favorable determination letter or ruling. No accumulated
funding deficiency (within the meaning of Section 412 of the Code), whether
waived or unwaived, exists with respect to any Employee Benefit Plan or any plan
sponsored by any member of a controlled group (within the meaning of Section
412(n)(6)(B) of the Code) in which the Corporation is a member (a "Controlled
Group"). With respect to each Employee Benefit Plan subject to Title IV of
ERISA, the assets of each such plan are at least equal in value to the present
value of accrued benefits determined on an ongoing basis as of the date hereof.
With respect to each Employee Benefit Plan described in Section 501(c)(9) of the
Code, the assets of each such plan are at least equal in value to the present
value of accrued benefits as of the date hereof. Neither the Corporation or any
member of a Controlled Group has any liability to pay excise taxes with respect
to any Employee Benefit Plan under applicable provisions of the Code or ERISA.
Neither the Corporation nor any member of a Controlled Group is or ever has been
obligated to contribute to a multiemployer plan within the meaning of Section
3(37) of ERISA.

               (c) PBGC. No facts or circumstances exist that would result in
the imposition of liability against Purchaser by the Pension Benefit Guaranty
Corporation as a result of any act or omission by the Corporation or any member
of a Controlled Group. No reportable event (within the meaning of Section 4043
of ERISA) for which the notice requirement has not been waived has occurred with
respect to any Employee Benefit Plan subject to the requirements of Title IV of
ERISA. The Corporation has no obligation or commitment to provide medical,
dental or life insurance benefits to or on behalf of any of its employees who
may retire or any of its former employees who have retired from employment with
the Corporation


                                       5
<PAGE>


               (d) MEDICAL AND DENTAL CARE CLAIMS. Schedule 3.12(d) contains a
complete and accurate list of all claims made (without identifying specific
individuals) under any medical or dental care plan or commitment offered by the
Corporation to its employees involving hospitalization, medical or dental care
claims that have exceeded $5,000 per year for an individual during the
Corporation's current fiscal year or any of Shareholder three fiscal years
preceding the date hereof.

         3.13. ABSENCE OF CERTAIN CHANGES. Except as set forth in Schedule 3.13,
since June 30, 2003, neither the Business, the Corporation nor the Shareholder
has: (a) suffered any material adverse change, whether or not caused by any
deliberate act or omission of the Corporation or Shareholder, in its condition
(financial or otherwise), operations, assets, liabilities, business or
prospects; (b) contracted for the purchase of any capital assets having a cost
in excess of $50,000 or paid any capital expenditures in excess of $50,000; (c)
incurred any indebtedness for borrowed money or issued or sold any debt
securities; (d) incurred or discharged any liabilities or obligations except in
the ordinary course of business; (e) paid any amount on any indebtedness prior
to the due date, forgiven or cancelled any debts or claims or released or waived
any rights or claims; (f) mortgaged, pledged or subjected to any security
interest, lien, lease or other charge or encumbrance any of its properties or
assets; (g) suffered any damage or destruction to or loss of any assets (whether
or not covered by insurance) that has materially and adversely affected, or
could materially and adversely affect, the Business; (h) acquired or disposed of
any assets except in the ordinary course of business; (i) written up or written
down the carrying value of any of its assets; (j) changed the costing system or
depreciation methods of accounting for its assets; (k) waived any material
rights or forgiven any material claims; (l) lost or terminated any employee,
customer or supplier, the loss or termination of which has materially and
adversely affected, or could materially and adversely affect, its business or
assets; (m) increased the compensation of any director or officer; (n) increased
the compensation of any employee except in the ordinary course of business; (o)
formed or acquired or disposed of any interest in any corporation, partnership,
joint venture or other entity; (p) redeemed, purchased or otherwise acquired, or
sold, granted or otherwise disposed of, directly or indirectly, any of its
capital stock or securities or any rights to acquire such capital stock or
securities, or agreed to change the terms and conditions of any such rights; (q)
entered into any agreement with any person or group, or modified or amended in
any material respect the terms of any such existing agreement except in the
ordinary course of business; (r) entered into, adopted or amended any Employee
Benefit Plan; or (s) entered into any other commitment or transaction or
experienced any other event that is material to this Agreement or to any of the
other agreements and documents executed or to be executed pursuant to this
Agreement or to the transactions contemplated hereby or thereby, or that has
materially and adversely affected, or could materially and adversely affect, the
condition (financial or otherwise), operations, assets, liabilities, business or
prospects of the Corporation.

         3.14. TITLE; LEASED ASSETS. A description of all interests in real
property owned by the Corporation (collectively, the "Real Property") is set
forth in Schedule 3.14(a). Except as set forth in Schedule 3.14(a), the
Corporation has good, valid and marketable title to all the Real Property.
Except as set forth in Schedule 3.14(b), the Corporation has good, valid and
marketable title to all tangible and intangible personal property owned by it
(collectively, the Personal Property"). A list of all leases of real and
personal property to which the Corporation is a party, either as lessor or
lessee, are set forth in Schedule 3.14(c). All such leases are valid and


                                       6
<PAGE>


enforceable in accordance with their respective terms except as may be limited
by applicable bankruptcy, insolvency or similar laws affecting creditors' rights
generally or the availability of equitable remedies. Except for those assets
acquired since June 30, 2003, all tangible and intangible assets used in the
conduct of the business of the Corporation are reflected in the Financial
Statements in a manner that is in conformity with generally accepted accounting
principles applied on a consistent basis with prior periods. The Corporation
owns, leases or otherwise possesses a right to use all assets used in the
conduct of the business of the Corporation, which will not be impaired by the
consummation of the transactions contemplated hereby.

         3.15. COMMITMENTS.

               (a) COMMITMENTS; DEFAULTS. Except as set forth in Schedule 3.15,
the Corporation has not entered into, nor are the Stock, the assets or the
Business bound by, whether or not in writing, any (i) partnership or joint
venture agreement; (ii) deed of trust or other security agreement; (iii)
guaranty or suretyship, indemnification or contribution agreement or performance
bond; (iv) employment, consulting or compensation agreement or arrangement,
including the election or retention in office of any director or officer; (v)
labor or collective bargaining agreement; (vi) debt instrument, loan agreement
or other obligation relating to indebtedness for borrowed money or money lent or
to be lent to another; (vii) deed or other document evidencing an interest in or
contract to purchase or sell real property; (viii) agreement with dealers or
sales or commission agents, public relations or advertising agencies,
accountants or attorneys; (ix) lease of real or personal property, whether as
lessor, lessee, sublessor or sublessee; (x) agreement between the Corporation
and any affiliate of the Corporation; (xi) agreement relating to any material
matter or transaction in which an interest is held by a person or entity that is
an affiliate of the Corporation; (xii) any agreement for the acquisition of
services, supplies, equipment or other personal property and involving more than
$25,000 in the aggregate; (xiii) powers of attorney; (xiv) contracts containing
noncompetition covenants; (xv) agreement relating to any material matter or
transaction in which an interest is held by any person or entity referred to in
Section 3.32; or (xvi) any other agreement or commitment not made in the
ordinary course of business or that is material to the business or financial
condition of the Corporation.

         All of the foregoing are hereinafter collectively referred to as the
"Commitments." There are no existing defaults, events of default or events,
occurrences, acts or omissions that, with the giving of notice or lapse of time
or both, would constitute defaults by the Corporation, and no penalties have
been incurred nor are amendments pending, with respect to the Commitments,
except as described in Schedule 3.15. The Commitments are in full force and
effect and are valid and enforceable obligations of the parties thereto in
accordance with their respective terms, and no defenses, off-sets or
counterclaims have been asserted or, to the best knowledge of the Corporation
and Shareholders, may be made by any party thereto, nor has the Corporation
waived any rights thereunder. The Corporation has not received notice of any
default with respect to any Commitment.

               (b) NO CANCELLATION OR TERMINATION OF COMMITMENT. Except as
contemplated hereby, neither the Corporation nor Shareholder has received notice
of any plan or intention of any other party to any Commitment to exercise any
right to cancel or terminate any


                                       7
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Commitment, and neither the Corporation nor Shareholder knows of any fact that
would justify the exercise of such a right. Neither the Corporation nor
Shareholder currently contemplates, or has reason to believe any other person or
entity currently contemplates, any amendment or change to any Commitment. Except
as listed in Schedule 3.15, none of the customers or suppliers of the
Corporation has refused, or communicated that it will or may refuse, to purchase
or supply goods or services, as the case may be, or has communicated that it
will or may substantially reduce the amounts of goods or services that it is
willing to purchase from, or sell to, the Corporation.

         3.16. ADVERSE AGREEMENTS. The Corporation is not a party to any
agreement or instrument or subject to any charter or other corporate restriction
or any judgment, order, writ, injunction, decree, rule or regulation that
materially and adversely affects, or so far as the Corporation or Shareholder
can now foresee, may in the future materially and adversely affect, the
condition (financial or otherwise), operations, assets, liabilities, business or
prospects of the Corporation.

         3.17. INSURANCE. The Corporation carries property, liability, workers'
compensation and such other types of insurance as is customary in the industry
of the insured. A list and brief description of all insurance policies of the
Corporation are set forth in Schedule 3.17. All of such policies are valid and
enforceable policies, issued by insurers of recognized responsibility in amounts
and against such risks and losses as is customary in the industry of the
insured. Such insurance shall be outstanding and duly in force without
interruption up to and including the Closing Date.

         3.18. PATENTS, TRADE-MARKS, SERVICE MARKS AND COPYRIGHTS.

               (a) OWNERSHIP. The Corporation owns all patents, trade-marks,
service marks and copyrights, if any, necessary to conduct its business, or
possesses adequate licenses or other rights, if any, therefor, without conflict
with the rights of others. Set forth in Exhibit 3.18 is a true and correct
description of the following (the "Proprietary Rights"): (i) all trade-marks,
trade-names, service marks and other trade designations, including common law
rights, registrations and applications therefor, and all patents, copyrights and
applications currently owned, in whole or in part, by the Corporation with
respect to the business of the Corporation, and all licenses, royalties,
assignments and other similar agreements relating to the foregoing to which the
Corporation is a party (including expiration date if applicable); and (ii) all
agreements relating to technology, know-how or processes that the Corporation is
licensed or authorized to use by others, or which it licenses or authorizes
others to use.

       (b) CONFLICTING RIGHTS OF THIRD PARTIES. The Corporation has the sole and
exclusive right to use the Proprietary Rights without infringing or violating
the rights of any third parties. Use of the Proprietary Rights does not require
the consent of any other person and the Proprietary Rights are freely
transferable. No claim has been asserted by any person to the ownership of or
right to use any Proprietary Right or challenging or questioning the validity or
effectiveness of any license or agreement constituting a part of any Proprietary
Right, and neither the Corporation nor any Shareholder knows of any valid basis
for any such claim. Each of the Proprietary Rights is valid and subsisting, has
not been cancelled, abandoned or otherwise terminated and, if applicable, has
been duly issued or filed.


                                       8
<PAGE>


               (c) CLAIMS OF OTHER PERSONS. The Corporation and Shareholder have
no knowledge of any claim that, or inquiry as to whether, any product, activity
or operation of the Corporation infringes upon or involves, or has resulted in
the infringement of, any proprietary right of any other person, corporation or
other entity; and no proceedings have been instituted, are pending or are
threatened that challenge the rights of the Corporation with respect thereto.

         3.19. TRADE SECRETS AND CUSTOMER LISTS. The Corporation has the right
to use, free and clear of any claims or rights of others all trade secrets,
customer lists and proprietary information required for the marketing of all
merchandise and services formerly or presently sold or marketed by the
Corporation. The Corporation is not using or in any way making use of any
confidential information or trade secrets of any third party, including without
limitation any past or present employee of the Corporation.

         3.20. TAXES. Except as set forth in Schedule 3.20:

               (a) All Tax Returns required to be filed by or on behalf of the
Corporation or Shareholder or any affiliated, consolidated, unitary or similar
group of which the Corporation is or was a member ("Affiliated Group") have been
(or, prior to the Closing Date, will be) properly prepared and duly filed with
the appropriate taxing authorities in all jurisdictions in which such Tax
Returns are required to be filed (after giving effect to any valid extensions of
time in which to make such filings), and all such Tax Returns were true,
complete and correct in all material respects. All Taxes (whether or not shown
on such Tax Returns) payable by or on behalf of the Corporation or Shareholder
either directly, as part of the consolidated Tax Return of another taxpayer, or
otherwise, have been (or, prior to the Closing Date, will be) fully paid.
Adequate reserves or accruals for Taxes have been provided in the books and
records of the Corporation with respect to any period for which Tax Returns have
not yet been filed or for which Taxes are not yet due and owing.

               (b) The Corporation and Shareholder has complied in all respects
with all applicable laws relating to the payment of any withholding of Taxes and
has duly and timely withheld from employees' salaries, wages and other
compensation and has paid over to the appropriate Tax authorities all amounts
required to be so withheld and paid over for all periods under all applicable
laws. Neither the Corporation nor Shareholder has executed or filed with the IRS
or any other Tax authority any contract, waiver or other document or arrangement
extending or having the effect of extending the period for assessment or
collection of Taxes (including, but not limited to, any applicable statute of
limitation), and no power of attorney with respect to any Tax matter is
currently in force.

               (c) No claim has been made by a Tax authority in a jurisdiction
where the Corporation or Shareholder does not file Tax Returns such that the
Corporation or the Business is or may be subject to taxation by the
jurisdiction. All deficiency assessments made as a result of any examinations by
the IRS or any other Tax authority of the Tax Returns of or covering or
including the Corporation or Shareholder have been fully paid, and, to the best
knowledge of the Corporation and Shareholder, there are no other audits or
investigations by any Tax authority in progress with respect to the Corporation
or Shareholder, nor has the Corporation or the Shareholder received any notice
from any Tax authority that it intends to conduct such an audit or
investigation. No issue has been raised by a federal, state, local or foreign
Tax authority in


                                       9
<PAGE>


any prior examination which, by application of the same or similar principles,
could reasonably be expected to result in a proposed deficiency for any
subsequent taxable period.

               (d) Neither the Corporation nor Shareholder nor any other person
on behalf of the Corporation or Shareholder (i) filed a consent pursuant to
Section 341(f) of the Code or agreed to have Section 341(f)(2) of the Code apply
to any disposition of a subsection (f) asset (as such term is defined in Section
341(f)(4) of the Code) owned by the Corporation or Shareholder, (ii) agreed to
or is required to make any adjustments pursuant to Section 481(a) of the Code or
any similar provision of law by reason of a change in accounting method
initiated by the Corporation or Shareholder nor to the best knowledge of the
Corporation and the Shareholder that the IRS has proposed any such adjustment or
change in accounting method, or has any application pending with any Tax
authority requesting permission for any changes in accounting methods that
relate to the Business or operations of the Corporation, (iii) to the best
knowledge of the Corporation and Shareholder, executed or entered into a closing
agreement pursuant to Section 7121 of the Code or any predecessor provision
thereof or any similar provision of law with respect to the Corporation or the
Business, or (iv) requested any extension of time within which to file any Tax
Return, which Tax Return has since not been filed. Neither the Corporation nor
Shareholder is subject to any private letter ruling of the IRS or comparable
rulings of other Tax authorities.

               (e) None of the assets of the Corporation is property required to
be treated as being owned by another person pursuant to the provisions of
Section 168(f)(8) of the Code and in effect immediately prior to the enactment
of the Tax Reform Act of 1986, or "tax-exempt use property" or "tax-exempt bond
financed property" within the meaning of Section 168 of the Code. The
Corporation is not a party to any "long-term contract" within the meaning of
Section 460 of the Code. The Corporation is not a United States real property
holding corporation within the meaning of Section 897(c)(2) of the Code during
the applicable period specified in Section 897(c)(1)(A)(ii).

               (f) Neither the Corporation nor Shareholder is a party to any Tax
sharing or similar Contract or arrangement pursuant to which the Corporation
will have any obligation to make any payments after the Closing Date. There is
no contract, plan or arrangement covering any person that, individually or
collectively, could give rise to the payment of any amount that would not be
deductible by the Purchaser, the Corporation or their respective affiliates by
reason of Section 280G of the Code, or would constitute compensation in excess
of the limitation set forth in Section 162(m) of the Code.

               (g) There are no liens or other encumbrances as a result of any
unpaid Taxes upon any of the assets or properties of the Corporation. The
Corporation is not a party to any joint venture, partnership or other
arrangement that is treated as a partnership for federal income Tax purposes.
The Corporation and Shareholder have substantial authority for the treatment of,
or has disclosed (in accordance with Section 6662(d)(2)(B)(ii) of the Code) on
its federal income Tax Returns all positions taken therein that could give rise
to a substantial understatement of federal income Tax within the meaning of
Section 6662(d) of the Code.

               (h) The Corporation does not have any liability for the Taxes of
any other person (other than Taxes of the Company) under Treasury Regulation
Section 1.1502-6 (or any


                                       10
<PAGE>


similar provision of state, local, or foreign law), as a transferee or
successor, by contract or otherwise. The Corporation (i) has not or is not
projected to have an amount includable in its income for the current taxable
year under Section 951 of the Code; (ii) has not been a passive foreign
investment company within the meaning of Section 1295 of the Code; and (iii) has
no unrecaptured overall foreign loss within the meaning of Section 904(f) of the
Code. As of the date hereof, the Corporation has no United States federal net
operating loss. The Corporation has not distributed stock or has had its stock
distributed in a transaction that was purported or intended to be governed in
whole or in part by Section 355 or Section 361 of the Code.

         3.21. COMPLIANCE WITH LAWS. The Corporation and Shareholder have
complied with all laws, regulations and licensing requirements and has filed
with the proper authorities all necessary statements and reports with respect to
the operation of the Business. There are no existing violations by the
Corporation or Shareholder of any federal, state or local law or regulation that
could affect the property or business of the Corporation. The Corporation
possesses all necessary licenses, franchises, permits and governmental
authorizations to conduct its business as now conducted.

         3.22. FINDER'S FEE. Except as set forth in Schedule 3.22 neither the
Corporation nor Shareholder has incurred any obligation for any finder's,
broker's or agent's fee in connection with the transactions contemplated hereby.

         3.23. LITIGATION. Except as set forth in Schedule 3.23, there are no
legal actions or administrative proceedings or investigations instituted, or to
the best knowledge of the Corporation or Shareholder threatened, against or
affecting, or that could affect, the Corporation, any of the Stock, or the
business of the Corporation. Neither the Corporation nor Shareholder are (i)
subject to any continuing court or administrative order, writ, injunction or
decree applicable specifically to the Corporation or to the Business, assets,
operations or employees or (ii) in default with respect to any such order, writ,
injunction or decree. Neither the Corporation nor Shareholder know of any basis
for any such action, proceeding or investigation.

         3.24. ACCURACY OF INFORMATION FURNISHED. All information furnished to
Purchaser by the Corporation or Shareholder hereby or in connection with the
transactions contemplated hereby is true, correct and complete in all respects.
Such information states all facts required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which such
statements are made, true, correct and complete.

         3.25. CONDITION OF FIXED ASSETS. All of the plants, structures and
equipment owned by the Corporation are in good condition and repair for their
intended use in the ordinary course of business and conform in all material
respects with all applicable ordinances, regulations and other laws and there
are no known latent defects therein.

         3.26. INVENTORY. All of the inventory owned by the Corporation is in
good, current, standard and merchantable condition and is not obsolete or
defective. Purchase commitments for merchandise are not in excess of normal
requirements and, taken as a whole, are not at prices in excess of market
prices. The Corporation has presently, and at the Closing Date will have, the
types and quantities of inventories appropriate, taken as a whole, to conduct
its business consistently with past practices.


                                       11
<PAGE>


         3.27. BOOKS OF ACCOUNT. The books of account of the Corporation and
Shareholder have been kept accurately in the ordinary course of business, the
transactions entered therein represent bona fide transactions and the revenues,
expenses, assets and liabilities of the Corporation have been properly recorded
in such books.

         3.28. ACCOUNTS RECEIVABLE. Schedule 3.28 sets forth the accounts
receivable of the Corporation as of August 11, 2003 and the payments and rights
to receive payments related thereto. All such accounts receivable have arisen
from bona fide transactions in the ordinary course of business and are valid and
enforceable claims subject to no right of set-off or counterclaim.

         3.29. DISTRIBUTIONS AND REPURCHASES. No distribution, payment or
dividend of any kind has been declared or paid by the Corporation on any of its
capital stock at any time. No repurchase of any of the capital stock of the
Corporation has been approved or effected by the Corporation at any time.

         3.30. BANKING RELATIONS. Set forth in Schedule 3.30 is a complete and
accurate list of all arrangements that the Corporation has with any bank or
other financial institution, indicating with respect to each relationship the
type of arrangement maintained (such as checking account, borrowing
arrangements, safe deposit box, etc.) and the person or persons authorized in
respect thereof.

         3.31. ENVIRONMENTAL MATTERS. The Corporation is not currently in
violation of, or subject to any existing, pending or threatened investigation or
inquiry by any governmental authority or to any remedial obligations under, any
laws or regulations pertaining to health or the environment (hereinafter
sometimes collectively called "Environmental Laws"), and this representation and
warranty would continue to be true and correct following disclosure to the
applicable governmental authorities of all relevant facts, conditions and
circumstances, if any, pertaining to the assets and operations of the
Corporation. To the best knowledge of the Corporation and Shareholder, the
assets of the Corporation have never been used in a manner that would be in
violation of any of the Environmental Laws. The Corporation has not obtained and
is not required to obtain, and the Corporation has no knowledge of any reason
Purchaser will be required to obtain, any permits, licenses or similar
authorizations to construct, occupy, operate or use any buildings, improvements,
fixtures and equipment owned or leased by the Corporation by reason of any
Environmental Laws. To the best knowledge of the Corporation and Shareholder,
none of the assets owned or leased by the Corporation are on any federal or
state "Superfund" list or subject to any environmentally related liens.

         3.32. CERTAIN PAYMENTS. To the best knowledge of the Corporation and
Shareholder, neither the Corporation nor Shareholder nor any director, officer
or employee of the Corporation has paid or caused to be paid, directly or
indirectly, in connection with the Business: (a) to any government or agency
thereof or any agent of any supplier or customer any bribe, kick-back or other
similar payment; or (b) any contribution to any political party or candidate
(other than from personal funds of directors, officers or employees not
reimbursed by their respective employers or as otherwise permitted by applicable
law).


                                       12
<PAGE>


         3.33. INFORMATION FURNISHED TO SHAREHOLDER. Shareholder has been
provided with, and is familiar with, the financial and other information
regarding the business and operations of Purchaser and Public Company that
Shareholder deems necessary for evaluating the merits and risks of the
transactions contemplated by this Agreement. Shareholder is knowledgeable and
experienced in financial and business matters and are capable of evaluating the
merits and risks of the transactions contemplated by this Agreement.

         3.34. INVESTMENT PURPOSES. Shareholder is acquiring the Public Company
Stock for investment purposes and not with a view toward resale or distribution
thereof, and have no present intention of selling, granting any participation
in, or otherwise distributing the Public Company Stock

         3.35. RESTRICTED SECURITIES. Shareholder understands that the shares of
Public Company Stock will be issued by Public Company pursuant to an exemption
from the registration requirements of the Securities Act, and are characterized
as "restricted securities" under the Securities Act and may be resold without
registration under the Securities Act only in limited circumstances. In
connection with the foregoing, Shareholder is familiar with Rule 144 and
understand the resale limitations imposed thereby on such shares of Public
Company Stock.

                                   ARTICLE IV
             REPRESENTATIONS AND WARRANTIES OF PURCHASER AND PARENT

         Purchaser and Parent jointly and severally represent and warrant that
the following are true and correct as of the date hereof and will be true and
correct through the Closing Date as if made on that date (all Schedules
referenced in this Article IV are contained in the Purchaser Disclosure Schedule
of even date herewith):

         4.1. ORGANIZATION AND GOOD STANDING. Purchaser and Parent are each
corporations duly organized, validly existing and in good standing under the
laws of their respective States of incorporation, with all requisite corporate
power and authority to carry on the business in which they are engaged, to own
the properties they own, to execute and deliver this Agreement and to consummate
the transactions contemplated hereby.

         4.2. AUTHORIZATION AND VALIDITY. The execution, delivery and
performance by Purchaser and Parent of this Agreement and the other agreements
contemplated hereby, and the consummation of the transactions contemplated
hereby and thereby, have been duly authorized by Purchaser and Parent. This
Agreement has been, and the other agreements contemplated hereby will be as of
the Closing Date, duly executed and delivered by Purchaser and Parent and
constitute or will constitute (as the case may be) legal, valid and binding
obligations of Purchaser and Parent, enforceable against Purchaser and Parent in
accordance with their respective terms, except as may be limited by applicable
bankruptcy, insolvency or similar laws affecting creditors' rights generally or
the availability of equitable remedies.

         4.3. NO VIOLATION. Neither the execution, delivery or performance of
this Agreement or the other agreements contemplated hereby nor the consummation
of the transactions contemplated hereby or thereby will (i) conflict with, or
result in a violation or breach of the terms, conditions and provisions of, or
constitute a default under, the Articles of Incorporation or


                                       13
<PAGE>


Bylaws of Purchaser or Parent or any agreement, indenture or other instrument
under which Purchaser or Parent is bound or (ii) violate or conflict with any
judgment, decree, order, statute, rule or regulation of any court or any public,
governmental or regulatory agency or body having jurisdiction over Purchaser or
Parent or the properties or assets of Purchaser or Parent.

         4.4. CONSENTS. No consent, authorization, approval, permit or license
of, or filing with, any governmental or public body or authority, any lender or
lessor or any other person or entity is required to authorize, or is required in
connection with, the execution, delivery and performance of this Agreement or
the agreements contemplated hereby on the part of Purchaser or Parent.

         4.5. FINANCIAL AND RELATED INFORMATION. Purchaser was formed with the
intent to acquire motor sport race tracks and racing operations To date,
Purchaser has had limited operations. Parent is a publicly-traded corporation
with no operations. Parent has furnished to Shareholder copies of all filings
made by Parent with the Securities and Exchange Commission under the Exchange
Act (the "Exchange Act"), since January 1, 2000 (collectively, the "SEC
Filings"). The SEC Filings comply in all material respects with the requirements
of the Exchange Act, and as of their respective filing dates, no SEC Filing
contained any untrue statement of a material fact or omitted to state a material
fact necessary to make the statements made therein, in the light of the
circumstances under which they were made, not misleading.

         4.6. COMPLIANCE WITH LAWS. Purchaser and Parent have complied with all
laws, regulations and licensing requirements and have filed with the proper
authorities all necessary statements and reports. There are no existing
violations by Purchaser or Parent of any federal, state or local law or
regulation that could affect the property or business of Purchaser or Parent.

         4.7. FINDER'S FEE. Neither Purchaser nor Parent have incurred any
obligation for any finder's, broker's or agent's fee in connection with the
transactions contemplated hereby.

         4.8. LITIGATION. There are no legal actions or administrative
proceedings or investigations instituted, or to the best knowledge of Purchaser
or Parent, threatened, against or affecting, or that could affect, Purchaser or
Parent or their respective businesses. Neither Purchaser nor Parent is (a)
subject to any continuing court or administrative order, writ, injunction or
decree applicable specifically to Purchaser or Parent or to their respective
business, assets, operations or employees or (ii) in default with respect to any
such order, writ, injunction or decree. Neither Purchaser nor Parent know of any
basis for any such action, proceeding or investigation.

                                    ARTICLE V
                  THE CORPORATION'S AND SHAREHOLDER'S COVENANTS

         The Corporation and Shareholder jointly and severally agree that
between the date hereof and the Closing:

         5.1. CONSUMMATION OF AGREEMENT. The Corporation and Shareholder shall
use their best efforts to cause the consummation of the transactions
contemplated hereby in accordance with their terms and conditions.


                                       14
<PAGE>


         5.2. BUSINESS OPERATIONS. The Corporation shall operate its business in
the ordinary course and will not introduce any new method of management or
operation. The Corporation and Shareholder shall use their best efforts to
preserve the business of the Corporation intact, to retain the present customers
and suppliers so that they will be available to Purchaser after the Closing. The
Corporation and Shareholder shall not take any action that could adversely
affect the condition (financial or otherwise), operations, assets, liabilities,
business or prospects of the Corporation without the prior written consent of
Purchaser or take or fail to take any action that would cause or permit the
representations made in Article III to be inaccurate at the time of Closing or
preclude the Corporation and Shareholder from making such representations and
warranties at the Closing.

         5.3. ACCESS. The Corporation and Shareholder shall permit Purchaser and
its authorized representatives full access to, and make available for
inspection, all of the assets and business of the Corporation, including its
employees, customers and suppliers, and permit Purchaser and its authorized
representatives to inspect and make copies of all documents, records and
information with respect to the affairs of the Corporation as Purchaser and its
representatives may request, all for the sole purpose of permitting Purchaser to
become familiar with the business and assets and liabilities of the Corporation.

         5.4. MATERIAL CHANGE. The Corporation and Shareholder shall promptly
inform Purchaser in writing of any material adverse change in the condition
(financial or otherwise), operations, assets, liabilities, business or prospects
of the Corporation. Notwithstanding the disclosure to Purchaser of any such
material adverse change, the Corporation and Shareholder shall not be relieved
of any liability for, nor shall the providing of such information by the
Corporation to Purchaser be deemed a waiver by Purchaser of, the breach of any
representation or warranty of the Corporation and Shareholder contained in this
Agreement.

         5.5. APPROVALS OF THIRD PARTIES. The Corporation and Shareholder shall
use their best efforts to secure, as soon as practicable after the date hereof,
all necessary approvals and consents of third parties to the consummation of the
transactions contemplated hereby.

         5.6. EMPLOYEE MATTERS. The Corporation shall not, without the prior
written approval of Purchaser, except as required by law: (a) increase the Cash
Compensation of any employee of the Corporation; (b) adopt, amend or terminate
any Compensation Plan; (c) adopt, amend or terminate any Employment Agreement;
(d) adopt, amend or terminate any Employee Policies and Procedures; (e)
institute, settle or dismiss any employment litigation; (f) enter into, modify,
amend or terminate any agreement with any union, labor organization or
collective bargaining unit; or (h) take or fail to take any action with respect
to any past or present employee of the Corporation that could adversely affect
the business of the Corporation.

         5.7. EMPLOYEE BENEFIT PLANS. The Corporation shall not, without the
prior written approval of Purchaser, except as required by law: (a) adopt, amend
or terminate any Employee Benefit Plan; (b) take any action that would deplete
the assets of any Employee Benefit Plan, other than payment of benefits in the
ordinary course to participants and beneficiaries; (c) fail to pay any premium
or contribution due or with respect to any Employee Benefit Plan; (d) fail to
file any return or report with respect to any Employee Benefit Plan; or (e) take
or fail to take any action that could adversely affect any Employee Benefit
Plan.


                                       15
<PAGE>


         5.8. CONTRACTS. Except with Purchaser's prior written consent, the
Corporation shall not waive any right or cancel any contract, debt or claim nor
assume or enter into any contract, lease, license, obligation, indebtedness,
commitment, purchase or sale except in the ordinary course of business.

         5.9. CAPITAL ASSETS; PAYMENTS OF LIABILITIES. The Corporation shall
not, without the prior written approval of Purchaser (a) acquire or dispose of
any capital asset having an initial cost of $50,000 or more or (b) discharge or
satisfy any lien or encumbrance or pay or perform any obligation or liability
other than (i) liabilities and obligations reflected in the Financial Statements
or (ii) current liabilities and obligations incurred in the ordinary course of
business since June 30, 2003 and, in either case (i) or (ii) above, only as
required by the express terms of the agreement or other instrument pursuant to
which the liability or obligation was incurred.

         5.10. MORTGAGES, LIENS AND GUARANTIES. The Corporation shall not,
without the prior written approval of Purchaser, enter into or assume any
mortgage, pledge, conditional sale or other title retention agreement, permit
any security interest, lien, encumbrance or claim of any kind to attach to any
of its assets, whether now owned or hereafter acquired, or guarantee or
otherwise become contingently liable for any obligation of another, except
obligations arising by reason of endorsement for collection and other similar
transactions in the ordinary course of business, or make any capital
contribution or investment in any corporation, business or other person.

         5.11. NO NEGOTIATION WITH OTHERS. Neither the Corporation nor
Shareholder shall solicit or participate in negotiations with (and the
Corporation and the Shareholder shall use their best efforts to prevent any
affiliate, shareholder, director, officer, employee or other representative or
agent of the Corporation from negotiating with, soliciting or participating in
negotiations with) any third party with respect to the sale of the business of
the Corporation or any transaction inconsistent with those contemplated hereby.

         5.12. DISTRIBUTIONS AND REPURCHASES. No distribution, payment or
dividend of any kind will be declared or paid by the Corporation, nor will any
repurchase of any of the Stock be approved or effected.

                                   ARTICLE VI
                       PURCHASER'S AND PARENT'S COVENANTS

         Purchaser and Parent jointly and severally agree that between the date
hereof and the Closing:

         6.1. CONSUMMATION OF AGREEMENT. Purchaser and Parent shall use their
best efforts to cause the consummation of the transactions contemplated hereby
in accordance with their terms and conditions.


                                       16
<PAGE>


                                   ARTICLE VII
                  PURCHASER'S AND PARENT'S CONDITIONS PRECEDENT

         Except as may be waived in writing by Purchaser and Parent, the
obligations of Purchaser and Parent hereunder are subject to the fulfillment at
or prior to the Closing Date of each of the following conditions:

         7.1. REPRESENTATIONS AND WARRANTIES. The representations and warranties
of the Corporation and Shareholder contained herein shall have been true and
correct in all respects when initially made and shall be true and correct in all
respects as of the Closing Date; and Purchaser and Parent shall have received a
certificate of the Corporation's President, and of Shareholder, dated as of the
Closing Date, to the foregoing effect.

         7.2. COVENANTS AND CONDITIONS. The Corporation and Shareholder shall
have performed and complied with all covenants and conditions required by this
Agreement to be performed and complied with by the Corporation and Shareholder
prior to the Closing Date; and Purchaser and Parent shall have received a
certificate of the Corporation's President, and of Shareholder, dated as of the
Closing Date, to the foregoing effect.

         7.3. PROCEEDINGS. No action, proceeding or order by any court or
governmental body or agency shall have been threatened, orally or in writing,
asserted, instituted or entered to restrain or prohibit the carrying out of the
transactions contemplated hereby.

         7.4. NO MATERIAL ADVERSE CHANGE. No material adverse change in the
condition (financial or otherwise), operations, assets, liabilities, business or
prospects of the Corporation shall have occurred since the date of the most
recent audited balance sheet included in the Financial Statements, whether or
not such change shall have been caused by the deliberate act or omission of the
Corporation or Shareholder.

         7.5. DUE DILIGENCE REVIEW. Purchaser and Parent shall have completed a
due diligence review of the business, operations and financial statements of the
Corporation, the results of which shall be satisfactory to Purchaser and Parent
in their sole discretion. Such due diligence review shall include a Phase I
environmental study of the assets of the Corporation (and a Phase II
environmental study, if recommended in the Phase I study).

         7.6. RESIGNATIONS OF DIRECTORS AND OFFICERS. Purchaser shall have
received the resignations of the directors and officers of the Corporation as
requested by Purchaser.

         7.7. RELEASE OF SHAREHOLDER'S CLAIMS. Purchaser shall have received
duly executed documents in form satisfactory to Purchaser pursuant to which
Shareholder releases, relinquishes and waives any and all claims, demands,
causes of action, suits, judgments or controversies of any kind whatsoever,
whether known or unknown, that Shareholder may have against the Corporation as
of the Closing Date, for any reason whatsoever.

         7.8. CONSENTS. Purchaser and Parent shall have received all approvals,
consents and waivers from third parties which, in the view of Purchaser's and
Parent's counsel are necessary or desireable to be obtained prior the
consummation of the transactions contemplated herein.


                                       17
<PAGE>


         7.9. OFFERING. The Offering shall have been consummated by Parent.

         7.10. CONTRACT OF SALE. The Contract of Sale, dated as of the date
hereof, by and among Purchaser, Parent and Shareholder (the "Contract of Sale")
shall have been executed and delivered to Purchaser.

         7.11. CLOSING DELIVERIES. Purchaser and Parent shall have received all
documents, duly executed in form satisfactory to Purchaser, Parent and their
counsel, referred to in Section 9.1.

                                  ARTICLE VIII
            THE CORPORATION'S AND SHAREHOLDER'S CONDITIONS PRECEDENT

         Except as may be waived in writing by the Corporation and Shareholder,
the obligations of the Corporation and Shareholder hereunder are subject to
fulfillment at or prior to the Closing Date of each of the following conditions:

         8.1. REPRESENTATIONS AND WARRANTIES. The representations and warranties
of Purchaser and Parent contained herein shall be true and correct in all
respects as of the Closing Date; and Purchaser and Parent shall have delivered
to the Corporation and Shareholder a certificate of the President of each of
Purchaser and Parent, dated as of the Closing Date, to the foregoing effect.

         8.2. COVENANTS AND CONDITIONS. Purchaser shall have performed and
complied in all material respects with all covenants and conditions required by
this Agreement to be performed and complied with by it prior to the Closing
Date; and Purchaser and Parent shall have delivered to the Corporation and
Shareholder a certificate of the President of each of Purchaser and Parent,
dated as of the Closing Date, to the foregoing effect.

         8.3. PROCEEDINGS. No action, proceeding or order by any court or
governmental body or agency shall have been threatened in writing, asserted,
instituted or entered to restrain or prohibit the carrying out of the
transactions contemplated hereby.

         8.4. OFFERING. The Offering shall have been consummated by Parent.

         8.5. CONTRACT OF SALE. The Contract of Sale shall have been executed
and delivered to Shareholder.

         8.6. CLOSING DELIVERIES. The Corporation or Shareholders, as the case
may be, shall have received all documents referred to in Section 9.2.

                                   ARTICLE IX
                               CLOSING DELIVERIES

         9.1. DELIVERIES OF THE CORPORATION AND SHAREHOLDER. At the Closing, the
Corporation and Shareholder shall deliver to Purchaser and Parent the following,
all of which shall be in form and content satisfactory to Purchaser, Parent and
their counsel:


                                       18
<PAGE>


               (a) certificates representing all of the Stock, duly endorsed and
in proper form for transfer to Purchaser by delivery under applicable law, or
accompanied by duly executed instruments of transfer in blank;

               (b) a copy of resolutions of the Boards of Directors of the
Corporation authorizing the execution, delivery and performance of this
Agreement and all related documents and agreements, certified by the Secretary
of the Corporation as being true and correct copies of the originals thereof
subject to no modifications or amendments;

               (c) the certificates described in Sections 7.1 and 7.2 above;

               (d) a certificate, dated within thirty days of the Closing Date,
of the Secretary of State of New York establishing that the Corporation is in
existence, has paid all franchise taxes and otherwise is in good standing to
transact business in its state of incorporation;

               (e) all authorizations, consents, approvals, permits and licenses
referenced in Schedule 3.8;

               (f) an executed three-year Employment Agreement between the
Corporation and Shareholder, in substantially the form attached as Exhibit B
(the "Employment Agreement");

               (g) an executed five-year Noncompetition Agreement between the
Corporation and Shareholder, in substantially the form attached as Exhibit C
(the "Noncompetition Agreement"); and

               (h) such other instrument or instruments of transfer as shall be
necessary or appropriate, as Purchaser, Parent or their counsel shall reasonably
request, to vest in Purchaser good and marketable title to the Stock.

         9.2. DELIVERIES OF PURCHASER AND PARENT. At the Closing, Purchaser and
Parent shall deliver the following to the Corporation and/or Shareholder:

               (a) the Cash Consideration in immediately available funds;

               (b) a certificate representing the Parent Shares;

               (c) a copy of the resolutions of the Board of Directors of each
of Purchaser and Parent authorizing the execution, delivery and performance of
this Agreement and all related documents and agreements, each certified by the
Secretary of Purchaser and Parent as being true and correct copies of the
originals thereof subject to no modifications or amendments;

               (d) the certificates described in Sections 8.1 and 8.2 above;

               (e) an executed Employment Agreement;

               (f) an executed Noncompetition Agreement; and


                                       19
<PAGE>


               (g) a certificate, dated within thirty days of the Closing Date,
of the Secretary of State of Nevada, establishing that Purchaser is in
existence, has paid all state taxes and otherwise is in good standing to
transact business in such state; and

               (h) a certificate, dated within thirty days of the Closing Date,
of the Secretary of State of Colorado, establishing that Parent is in existence,
has paid all state taxes and otherwise is in good standing to transact business
in such state.

                                    ARTICLE X
        POST CLOSING MATTERS; LIMITATION OF TRANSFER OF THE PARENT SHARES

         10.1. FURTHER INSTRUMENTS OF TRANSFER. Following the Closing, at the
request of Purchaser, Shareholder shall deliver any further instruments of
transfer and take all reasonable action as may be necessary or appropriate to
(i) vest in Purchaser good and marketable title to the Stock and (ii) carry out
more effectively the provisions of this Agreement and to establish and protect
the rights created in favor of the parties hereunder or thereunder.

         10.2. RESTRICTION ON TRANSFER. The Parent Shares will not be registered
under the Securities Act on the Closing Date and may not be transferred, sold or
otherwise disposed of by Shareholder except pursuant to an effective
registration statement under the Securities Act or in accordance with an
exemption from the registration requirements of the Securities Act.

         10.3. RESTRICTIVE LEGEND. Each certificate representing Parent Shares
shall bear the following legend:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND ARE "RESTRICTED
         SECURITIES" AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT, AND MAY
         NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT
         PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE ACT, AS
         AMENDED, AND IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE
         WITH RESPECT THERETO OR IN ACCORDANCE WITH AN OPINION OF COUNSEL IN
         FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT AN EXEMPTION FROM
         SUCH REGISTRATION IS AVAILABLE AND ALSO MAY NOT BE SOLD, TRANSFERRED OR
         OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT COMPLIANCE WITH THE
         APPLICABLE SECURITIES AND EXCHANGE COMMISSION RULES AND REGULATIONS.

         10.4. REGISTRATION RIGHTS; LOCK-UP AGREEMENTS. Parent agrees that if
Parent undertakes to register under the Securities Act any shares of Parent
Stock owned by Les Wulf, Paul Kruger, Jesse Shelmire or Bobby Hartslief, or any
of their affiliates (collectively, the "Parent Shareholders"), Parent will
register the Parent Shares then owned by Shareholder. Shareholder agrees that if
in connection with any public or private offering by Parent, the Parent
Shareholders are required by the underwriter and/or investment banker in such
offering to "lock-up" (i.e., not sell for a period of time) any shares of Parent
Stock, then Shareholder shall similarly "lock-up" the Parent Shares.


                                       20
<PAGE>


                                   ARTICLE XI
                                    REMEDIES

         11.1. INDEMNIFICATION BY SHAREHOLDER. Subject to the terms and
conditions of this Article, Shareholder shall indemnify, defend and hold
Purchaser and Parent, and their respective directors, officers, agents,
attorneys and affiliates harmless from and against all losses, claims,
obligations, demands, assessments, penalties, liabilities, costs, damages,
attorneys' fees and expenses (collectively, "Damages"), asserted against or
incurred by such indemnitees by reason of or resulting from: (i) a breach of any
representation, warranty or covenant of the Corporation or Shareholder contained
herein, in any exhibit, schedule, certificate or financial statement delivered
hereunder, or in any agreement executed in connection with the transactions
contemplated hereby; (ii) the matter identified on Schedule 3.22; or (iii) the
matter identified on Schedule 3.23; provided, however, that no indemnification
for Damages under subpart (i) of this Section 11.1 shall be made until the
aggregate amount of such Damages under subpart (i) of this Section 11.1 exceeds
$70,000.

         11.2. INDEMNIFICATION BY PURCHASER AND PARENT. Subject to the terms and
conditions of this Article, Purchaser and Parent, jointly and severally, hereby
agree to indemnify, defend and hold the Corporation and Shareholder and its or
their respective directors, officers, agents, attorneys and affiliates harmless
from and against all Damages asserted against or incurred by any of such
indemnitees by reason of or resulting from a breach of any representation,
warranty or covenant of Purchaser or Parent contained herein or in any exhibit,
schedule or certificate delivered hereunder, or in any agreement executed in
connection with the transactions contemplated hereby; provided, however, that no
indemnification for Damages under this Section 11.2 shall be made until the
aggregate amount of such Damages exceeds $70,000.

         11.3. CONDITIONS OF INDEMNIFICATION. The respective obligations and
liabilities of Shareholder, Purchaser and Parent (the "indemnifying party") to
the other (the "party to be indemnified") under Sections 11.1 and 11.2 with
respect to claims resulting from the assertion of liability by third parties
shall be subject to the following terms and conditions:

               (a) Within 20 days (or such earlier time as might be required to
avoid prejudicing the indemnifying party's position) after receipt of notice of
commencement of any action evidenced by service of process or other legal
pleading, the party to be indemnified shall give the indemnifying party written
notice thereof together with a copy of such claim, process or other legal
pleading, and the indemnifying party shall have the right to undertake the
defense thereof by representatives of its own choosing and at its own expense;
provided that the party to be indemnified may participate in the defense with
counsel of its own choice, the fees and expenses of which counsel shall be paid
by the party to be indemnified unless (i) the indemnifying party has agreed to
pay such fees and expenses, (ii) the indemnifying party has failed to assume the
defense of such action or (iii) the named parties to any such action (including
any impleaded parties) include both the indemnifying party and the party to be
indemnified and the party to be indemnified has been advised by counsel that
there may be one or more legal defenses available to it that are different from
or additional to those available to the indemnifying party (in which case, if
the party to be indemnified informs the indemnifying party in writing that it
elects to employ separate counsel at the expense of the indemnifying party, the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the


                                       21
<PAGE>


party to be indemnified, it being understood, however, that the indemnifying
party shall not, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the reasonable fees
and expenses of more than one separate firm of attorneys at any time for the
party to be indemnified, which firm shall be designated in writing by the party
to be indemnified).

               (b) In the event that the indemnifying party, by the 30th day
after receipt of notice of any such claim (or, if earlier, by the 10th day
preceding the day on which an answer or other pleading must be served in order
to prevent judgment by default in favor of the person asserting such claim),
does not elect to defend against such claim, the party to be indemnified will
(upon further notice to the indemnifying party) have the right to undertake the
defense, compromise or settlement of such claim on behalf of and for the account
and risk of the indemnifying party and at the indemnifying party's expense,
subject to the right of the indemnifying party to assume the defense of such
claims at any time prior to settlement, compromise or final determination
thereof.

               (c) Notwithstanding the foregoing, the indemnifying party shall
not settle any claim without the consent of the party to be indemnified unless
such settlement involves only the payment of money and the claimant provides to
the party to be indemnified a release from all liability in respect of such
claim. If the settlement of the claim involves more than the payment of money,
the indemnifying party shall not settle the claim without the prior consent of
the party to be indemnified.

               (d) The party to be indemnified and the indemnifying party will
each cooperate with all reasonable requests of the other.

         11.4. WAIVER. No waiver by any party of any default or breach by
another party of any representation, warranty, covenant or condition contained
in this Agreement, any exhibit or any document, instrument or certificate
contemplated hereby shall be deemed to be a waiver of any subsequent default or
breach by such party of the same or any other representation, warranty, covenant
or condition. No act, delay, omission or course of dealing on the part of any
party in exercising any right, power or remedy under this Agreement or at law or
in equity shall operate as a waiver thereof or otherwise prejudice any of such
party's rights, powers and remedies. All remedies, whether at law or in equity,
shall be cumulative and the election of any one or more shall not constitute a
waiver of the right to pursue other available remedies.

         11.5. REMEDIES NOT EXCLUSIVE. The remedies provided in this Article
shall not be exclusive of any other rights or remedies available to one party
against the other, either at law or in equity.

         11.6. COSTS, EXPENSES AND LEGAL FEES. Whether or not the transactions
contemplated hereby are consummated, each party hereto shall bear its own costs
and expenses (including attorneys' fees and expenses), except that: (a)
Shareholder shall bear all costs incurred by the Corporation if the Closing
occurs; (b) Shareholder shall pay the costs of all environmental studies; and
(c) each party hereto that is shown to have breached this Agreement or any other
agreement contemplated hereby agrees to pay the costs and expenses (including
reasonable


                                       22
<PAGE>


attorneys' fees and expenses) incurred by any other party in successfully (i)
enforcing any of the terms of this Agreement against such breaching party or
(ii) proving that another party breached any of the terms of this Agreement.

         11.7. SPECIFIC PERFORMANCE. The Corporation and Shareholder acknowledge
that a refusal by the Corporation or Shareholder to consummate the transactions
contemplated hereby will cause irreparable harm to Purchaser and Parent, for
which there may be no adequate remedy at law and for which the ascertainment of
damages would be difficult. Therefore, Purchaser and Parent shall be entitled,
in addition to, and without having to prove the inadequacy of, other remedies at
law, to specific performance of this Agreement, as well as injunctive relief
(without being required to post bond or other security).

                                   ARTICLE XII
                                   TERMINATION

         12.1. TERMINATION. This Agreement may be terminated:

               (a) At any time prior to the Closing Date by mutual agreement of
all parties.

               (b) At any time prior to the Closing Date by Purchaser if any
representation or warranty of the Corporation or Shareholder contained in this
Agreement or in any certificate or other document executed and delivered by the
Corporation or Shareholder pursuant to this Agreement is or becomes untrue or
breached in any material respect or if the Corporation or Shareholder fail to
comply in any material respect with any covenant contained herein, and any such
misrepresentation, noncompliance or breach is not cured, waived or eliminated
within twenty days.

               (c) At any time prior to the Closing Date by the Corporation if
any representation or warranty of Purchaser or Parent contained in this
Agreement or in any certificate or other document executed and delivered by
Purchaser or Parent pursuant to this Agreement is or becomes untrue or breached
in any material respect or if Purchaser or Parent fails to comply in any
material respect with any covenant contained herein, and any such
misrepresentation, noncompliance or breach is not cured, waived or eliminated
within twenty days.

               (d) At any time prior to the Closing Date by Purchaser if the
conditions stated in Article VII have not been satisfied by October 31, 2003.

               (e) At any time prior to the Closing Date by the Corporation if
the conditions stated in Article VIII have not been satisfied by October 31,
2003.

In the event this Agreement is terminated pursuant to subparagraph (b), (c), (d)
or (e) above, Purchaser, Parent, the Corporation and Shareholder shall each be
entitled to pursue, exercise and enforce any and all remedies, rights, powers
and privileges available at law or in equity. In the event of a termination of
this Agreement under the provisions of this Article, a party not then in
material breach of this Agreement shall stand fully released and discharged of
any and all obligations under this Agreement.


                                       23
<PAGE>


                                  ARTICLE XIII
                                  MISCELLANEOUS

         13.1. AMENDMENT. This Agreement may be amended, modified or
supplemented only by an instrument in writing executed by all the parties
hereto.

         13.2. ASSIGNMENT. Neither this Agreement nor any right created hereby
or in any agreement entered into in connection with the transactions
contemplated hereby shall be assignable by any party hereto, except by Purchaser
to an affiliate of Purchaser.

         13.3. PARTIES IN INTEREST; NO THIRD PARTY BENEFICIARIES. Except as
otherwise provided herein, the terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective heirs, legal
representatives, successors and assigns of the parties hereto. Neither this
Agreement nor any other agreement contemplated hereby shall be deemed to confer
upon any person not a party hereto or thereto any rights or remedies hereunder
or thereunder.

         13.4. ENTIRE AGREEMENT. This Agreement (including the Exhibits attached
hereto) and the agreements contemplated hereby constitute the entire agreement
of the parties regarding the subject matter hereof, and supersede all prior
agreements and understandings, both written and oral, among the parties, or any
of them, with respect to the subject matter hereof.

         13.5. SEVERABILITY. If any provision of this Agreement is held to be
illegal, invalid or unenforceable under present or future laws effective during
the term hereof, such provision shall be fully severable and this Agreement
shall be construed and enforced as if such illegal, invalid or unenforceable
provision never comprised a part hereof; and the remaining provisions hereof
shall remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance herefrom. Furthermore, in
lieu of such illegal, invalid or unenforceable provision, there shall be added
automatically as part of this Agreement a provision as similar in its terms to
such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable.

         13.6. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS. The
representations, warranties and covenants contained herein shall survive the
Closing and all statements contained in any certificate, exhibit or other
instrument delivered by or on behalf of the Corporation, Shareholder, Purchaser
or Parent pursuant to this Agreement shall be deemed to have been
representations and warranties by the Corporation. Shareholder, Purchaser or
Parent, as the case may be, and, notwithstanding any provision in this Agreement
to the contrary, shall survive the Closing for a period of two (2) years, except
for (a) representations and warranties with respect to any tax or tax-related
matters or any ERISA matters, which shall survive the Closing until the running
of any applicable statutes of limitation and (b) indemnification provisions for
the violation of any Environmental Law, which shall survive the Closing and
shall continue indefinitely.

         13.7. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE SUBSTANTIVE LAWS


                                       24
<PAGE>


(BUT NOT THE RULES GOVERNING CONFLICTS OF LAWS) OF THE STATE OF TEXAS.

         13.8. CAPTIONS. The captions in this Agreement are for convenience of
reference only and shall not limit or otherwise affect any of the terms or
provisions hereof.

         13.9. CONFIDENTIALITY; PUBLICITY AND DISCLOSURES. Each party shall keep
this Agreement and its terms confidential, and shall make no press release or
public disclosure, either written or oral, regarding the transactions
contemplated by this Agreement without the prior knowledge and consent of the
other parties hereto; provided that the foregoing shall not prohibit any
disclosure (i) by press release, filing or otherwise that is required by federal
securities laws or the rules of any stock exchange or market, (ii) to attorneys,
accountants, investment bankers or other agents of the parties assisting the
parties in connection with the transactions contemplated by this Agreement and
(iii) by Purchaser or Parent in connection with obtaining financing for the
transactions contemplated by this Agreement and conducting an examination of the
operations and assets of the Corporation.

         13.10. NOTICE. Any notice or communication hereunder or in any
agreement entered into in connection with the transactions contemplated hereby
must be in writing and given by depositing the same in the United States mail,
addressed to the party to be notified, postage prepaid and registered or
certified with return receipt requested, or by delivering the same in person or
by facsimile transmission. Such notice shall be deemed received on the date on
which it is hand-delivered or received by facsimile transmission or on the third
business day following the date on which it is so mailed. For purposes of
notice, the addresses of the parties shall be:

            If to the Corporation or      DIRT Motorsports, Inc.
            Shareholder:                  P.O. Box 240
                                          1 Speedway Drive
                                          Westport, New York  13166
                                          Attention: Glenn Donnelly, CEO
                                          Facsimile: (315) 834-9734

            With a copy to:               Andrew S. Fusco, Esq.
                                          52 South Street
                                          Auburn, New York  13021
                                          Facsimile: (315) 253-5565

            If to Purchaser or Parent:    Boundless Motor Sports Racing, Inc.
                                          1801 Gateway Blvd., Suite 105
                                          Richardson, Texas  75080
                                          Attention: Les Wulf, President
                                          Facsimile: (972) 470-9211


                                       25
<PAGE>


            With a copy to:               Jackson Walker L.L.P.
                                          2435 N. Central Expressway, Suite 600
                                          Richardson, Texas  75080
                                          Attention: Richard F. Dahlson
                                          Facsimile: (972) 744-2909

Any party may change its address for notice by written notice given to the other
parties in accordance with this Section.

         13.11. COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.

         EXECUTED as of the date first above written.

                                          DIRT MOTORSPORTS, INC.



                                          By:
                                             ----------------------------------
                                               Glenn Donnelly, CEO and President




                                          -------------------------------------
                                          Glenn Donnelly





                                          BOUNDLESS MOTOR SPORTS RACING, INC.



                                          By:
                                             ----------------------------------
                                               Les Wulf, President




                                          BOUNDLESS TRACK OPERATIONS, INC.

                                          By:
                                             ----------------------------------
                                               Les Wulf, President


                                       26
<PAGE>



                                    EXHIBIT A

                                   DEFINITIONS

         As used in this Agreement, the following terms shall have the meanings
set forth below:

         "AFFILIATED GROUP" shall have the meaning set forth in Section 3.20(a).

         "CASH COMPENSATION" shall have the meaning set forth in Section
3.11(a).

         "CASH CONSIDERATION" shall have the meaning set forth in Section 2.2.

         "CLOSING" shall mean the closing of the transactions contemplated by
this Agreement, which shall occur at 10:00 a.m., local time, on the Closing Date
in the offices of Jackson Walker L.L.P., 2435 N. Central Expressway, Suite 600,
Richardson, Texas 75080, or at such other time and place as shall be mutually
agreed in writing by the parties hereto.

         "CLOSING DATE" shall mean the date on which the Closing occurs.

         "CODE" shall mean the Internal Revenue Code of 1986.

         "COMMITMENTS" shall have the meaning set forth in Section 3.15(a).

         "COMPENSATION PLANS" shall have the meaning set forth in Section
3.11(b).

         "CONTROLLED GROUP" shall have the meaning set forth in Section 3.12(b).

         "DAMAGES" shall have the meaning set forth in Section 11.1.

         "EMPLOYEE BENEFIT PLAN" shall have the meaning set forth in Section
3.12(a).

         "EMPLOYEE POLICIES AND PROCEDURES" shall have the meaning set forth in
Section 3.11(d).

         "EMPLOYMENT AGREEMENT" shall have the meaning set forth in Section
9.1(e).

         "ENVIRONMENTAL LAWS" shall have the meaning set forth in Section 3.31.

         "EXCHANGE ACT" shall mean the Exchange Act of 1934, as amended.

         "FINANCIAL STATEMENTS" shall have the meaning set forth in Section 3.9.

         "OFFERING" shall mean an offering by Parent of at least $5 million of
equity securities of Parent in either a private placement or a public offering.

         "OFFERING PRICE" shall mean the per share price paid by investors in
the Offering.

         "PARENT SHARES" shall have the meaning set forth in Section 2.2.


                                      A-1
<PAGE>


         "PARENT STOCK" shall mean the common stock, par value $0.0001 per
share, of Parent.

         "PERSONAL PROPERTY" shall have the meaning set forth in Section
3.14(b).

         "PROPRIETARY RIGHTS" shall have the meaning set forth in Section
3.18(a).

         "PURCHASE PRICE" shall have the meaning set forth in Section 2.2.

         "REAL PROPERTY" shall have the meaning set forth in Section 3.14.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

         "STOCK" shall have the meaning set forth in the first Recital to this
Agreement.

         "TAX" or "TAXES" means any federal, state, local, or foreign income,
gross receipts, license, payroll, employment, excise, severance, stamp,
occupation, production, premium, windfall profits, environmental, customs
duties, capital stock, franchise, profits, withholding, social security (or
similar), unemployment, disability, real property, personal property, sales,
use, transfer, registration, value added, alternative or add-on minimum, or
other tax of any kind whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not.

         "TAX RETURN" means any return, declaration, report, claim for refund,
or information return or statement relating to Taxes, including any schedule or
attachment thereto, other than any return, declaration, report, claim for refund
or information return or statement the failure of which to file would not have a
material adverse effect on the Corporation.



                                      A-2