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                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.   20549



                                 FORM 10-Q/A

(Mark one)
(X)  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934 for the quarterly period ended June 30, 1997.


( )  Transition report pursuant to Section 13 or 15(d) of The Securities
     Exchange Act of 1934 for the transition period ___ to ___.


                          Commission File No. 0-28044



                            PENSKE MOTORSPORTS, INC.
                            ------------------------
             (Exact name of registrant as specified in its charter)




<TABLE>
<S>                                                             <C>
                           DELAWARE                                        51-0369517
--------------------------------------------------------------  ---------------------------------
(State or other jurisdiction of incorporation or organization)  (IRS Employer Identification No.)

          13400 OUTER DRIVE WEST, DETROIT, MICHIGAN                        48239-4001
--------------------------------------------------------------  ---------------------------------
           (Address of principal executive offices)                   (including zip code)
</TABLE>

                                  313-592-8255
                                  ------------
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X]   No [ ]


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.



COMMON STOCK $0.01 PAR VALUE        14,148,340 SHARES
----------------------------  -----------------------------
           CLASS              OUTSTANDING AT AUGUST 1, 1997

                         This report contains 16 pages.


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Penske Motorsports, Inc. Form 10-Q (continued)




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                   PENSKE MOTORSPORTS, INC.


Date: August 22, 1997              By:  /s/ James H. Harris
                                      -----------------------------------
                                   Its:  Senior Vice President and Treasurer
                                         (Principal Financial Officer)


                                       17



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                        EXHIBIT INDEX 


EXHIBIT NO.             DESCRIPTION
-----------             -----------


10.1    Purchase Agreement dated July 23, 1997, among Homestead-Miami Speedway,
        LLC, International Speedway Corporation, Penske Motorsports, Inc.,
        Homestead Motorsports Joint Venture, Miami Motorsports Joint Venture,   
        Rafael A. Sanchez and Wayne Huizenga.