ISC Announces Financing Proposal for Motorsports Facility Near Seattle, Washington
November 30 2005 - 6:00PM
PR Newswire (US)
DAYTONA BEACH, Fla., Nov. 30 /PRNewswire-FirstCall/ --
International Speedway Corporation (NASDAQ:ISCA) (OTC:ISCB)
(BULLETIN BOARD: ISCB) ("ISC") announced today that its subsidiary,
Great Western Sports Inc. ("GWS"), has released its financing
proposal for a $345 million motorsports facility in Kitsap County,
Washington, approximately 20 miles outside downtown Seattle. The
financing plan proposes a public-private partnership where GWS will
pay $166 million, or nearly half of project costs, plus any
construction cost overruns and costs related to the regular
maintenance and operation of the facility. Kitsap, Pierce and Mason
Counties will form a tri-county Public Speedway Authority (PSA),
and will issue bonds to help finance construction of the track. The
bonds will be repaid through a sales tax credit issued by the state
to the PSA, and from a local tax on the facility. "The financing
proposal is a major step forward in our efforts to develop a
premier motorsports facility in the Seattle area," said Lesa France
Kennedy, President of ISC. "This significant investment
demonstrates our commitment to bring motorsports entertainment to
this underserved market. We believe our proposal represents a
win/win opportunity for all parties involved, including the local
communities which stand to benefit from the economic gains
associated with our project. We will continue with our project due
diligence, including the introduction of necessary state
legislation early next year, and we remain optimistic that we will
be racing in Washington in 2010." GWS plans to introduce state
legislation to create the PSA and authorize the issuance of general
obligation bonds to help finance the project. The Washington
Legislature convenes in January and concludes in March 2006.
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."
In addition, the Company has an indirect 50 percent interest in a
business called Motorsports Authentics, which markets and
distributes motorsports-related merchandise licensed by certain
competitors and team owners in NASCAR racing. 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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