ISC to Purchase the Assets of Pikes Peak International Raceway
September 30 2005 - 11:47AM
PR Newswire (US)
~ Will Petition NASCAR to Realign Busch Series Date to Martinsville
Speedway for 2006 ~ DAYTONA BEACH, Fla., Sept. 30
/PRNewswire-FirstCall/ -- International Speedway Corporation
(NASDAQ:ISCA) (OTC:ISCB) (BULLETIN BOARD: ISCB) ("ISC") today
announced that Rocky Mountain Speedway Corporation, a wholly owned
subsidiary of ISC, has entered into an agreement to purchase the
assets of Pikes Peak International Raceway ("Pikes Peak").
Financial terms of the transaction were not disclosed. ISC plans to
petition NASCAR to realign the facility's NASCAR Busch Series event
to Martinsville Speedway for 2006. The transaction is expected to
close within the next week, and is expected to have minimal impact
on the Company's future earnings. The purchase price is fully
supported by the appraised value of Pikes Peak's tangible assets,
including land and certain fixed assets ISC intends to relocate to
other facilities in its portfolio. These assets include grandstand
seating and other structures that can be utilized for future
speedway expansion projects. "This purchase further strengthens our
ability to capitalize on future growth opportunities, including
internal expansion initiatives," commented John R. Saunders,
Executive Vice President and Chief Operating Officer. "In addition,
assuming NASCAR approves our request for realignment, we believe we
can successfully grow the Busch event over the long term at a
quicker rate than in its current venue." ISC will honor all of
Pikes Peak's currently scheduled community uses and rentals through
October 31, 2005. After that date, ISC expects to close the
facility and begin to market the approximate 1,200-acre parcel for
sale, with the requirement that the property not be used for
motorsports-related events. International Speedway Corporation is a
leading promoter of motorsports activities in the United States,
currently promoting more than 100 racing events annually as well as
numerous other motorsports-related activities. The Company owns
and/or operates 11 of the nation's major motorsports entertainment
facilities, including Daytona International Speedway in Florida
(home of the Daytona 500); Talladega Superspeedway in Alabama;
Michigan International Speedway located outside Detroit; Richmond
International Raceway in Virginia; California Speedway near Los
Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix
International Raceway in Arizona; Homestead-Miami Speedway in
Florida; Martinsville Speedway in Virginia; Darlington Raceway in
South Carolina; and Watkins Glen International in New York. Other
motorsports entertainment facility ownership includes an indirect
37.5% interest in Raceway Associates, LLC, which owns and operates
Chicagoland Speedway and Route 66 Raceway near Chicago, Illinois.
The Company also owns and operates MRN Radio, the nation's largest
independent sports radio network; DAYTONA USA, the "Ultimate
Motorsports Attraction" in Daytona Beach, Florida, the official
attraction of NASCAR; and subsidiaries which provide catering
services, food and beverage concessions, and produce and market
motorsports-related merchandise under the trade name "Americrown."
For more information, visit the Company's Web site at
http://www.iscmotorsports.com/ . Statements made in this release
that express the Company's or management's beliefs or expectations
and which are not historical facts or which are applied
prospectively are forward-looking statements. It is important to
note that the Company's actual results could differ materially from
those contained in or implied by such forward-looking statements.
The Company's results could be impacted by risk factors, including,
but not limited to, weather surrounding racing events, government
regulations, economic conditions, consumer and corporate spending,
military actions, air travel and national or local catastrophic
events. Additional information concerning factors that could cause
actual results to differ materially from those in the forward-
looking statements is contained from time to time in the Company's
SEC filings including, but not limited to, the 10-K and subsequent
10-Qs. Copies of those filings are available from the Company and
the SEC. The Company undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be
needed to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of
any statement in this release does not constitute an admission by
International Speedway or any other person that the events or
circumstances described in such statement are material. DATASOURCE:
International Speedway Corporation CONTACT: Wes Harris, Senior
Director, Investor Relations, ISC, +1-386-947-6465 Web site:
http://www.iscmotorsports.com/
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