The PHX 500 was only held for two years, with the hope of being a long standing annual event. Following the 94 event, the Unlimited class teams/owners/pilots were left holding the bag after being promised purse moneys by the promoter Patrick Dial, and those moneys weren't distributed. Months passed and Dial finally came clean and promised the payment for 94 if the owner/pilots would bring there airplanes to a 95 event, which some agree'd to do. I'm not clear on the particulars beyond the completion of the second event, and i too had high hopes of another annual air race in the states, as Reno has been the only such race for decades. I was very fortunate to be spectator for 94 and crewed for Sanders Aircraft Technologies shortly thereafter, being part of the team for 95 and contributing to their effort at Chino and later Ione.
Here are some film scans from both the PHX 500 races! It should be noted, the Race#1 "Super Corsair" shot was the last time it ever taxi'd by my lens, having followed the project out of Fighter Rebuilders at Chino in the early 80's, along with Dreadnought, Kevin Eldridge would suffer engine failure while out on the course in Race#1 and we watched, holding our breath as he free'd himself from the airplane with not much time to spare.
Set 2 from 1994