International Speedway to Acquire Additional 37.5 Percent Interest in Chicagoland Speedway and Route 66 Raceway
November 01 2006 - 7:30AM
PR Newswire (US)
~ Will Exercise Right to Purchase Remaining 25 Percent Interest ~
DAYTONA BEACH, Fla., Nov. 1 /PRNewswire-FirstCall/ -- International
Speedway Corporation (NASDAQ:ISCA)(OTC:ISCB) (BULLETIN BOARD: ISCB)
("ISC") today announced it has entered into a purchase agreement
with Indianapolis Motor Speedway Corporation to indirectly acquire
an additional 37.5 percent interest in Raceway Associates, LLC
("Raceway Associates"), owner and operator of Chicagoland Speedway
and Route 66 Raceway in Joliet, Illinois. The purchase price for
the transaction is approximately $69 million in cash. After the
transaction closes, ISC will own 100 percent of Motorsports
Alliance, LLC ("Motorsports Alliance"), which owns 75 percent of
Raceway Associates. Raceway Associates was formed in 1999 as a
joint venture between Motorsports Alliance and the former owners of
Route 66 Raceway. Raceway Associates subsequently developed
Chicagoland Speedway, a 75,000 seat facility hosting premier
motorsports events from the NASCAR NEXTEL Cup, NASCAR Busch, IRL
IndyCar and ARCA RE/MAX series. ISC will also exercise its right to
purchase the minority partners' remaining 25 percent interest in
Raceway Associates pursuant to the 1999 Raceway Associates
formation agreement. All the above transactions are expected to
close in early 2007. "Chicagoland is a uniquely attractive asset
well-positioned in the nation's third largest media market," said
ISC President Lesa France Kennedy. "The region boasts a strong
motorsports fan base, demonstrated by six consecutive years of
season ticket sell-outs at the facility since opening in 2001. Our
active representation on Raceway Associates' management committee
and extensive knowledge of the business will help ensure a seamless
integration into ISC." International Speedway Corporation is a
leading promoter of motorsports activities, 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 percent interest in Raceway Associates, LLC, which owns and
operates Chicagoland Speedway and Route 66 Raceway near Chicago,
Illinois. In addition, ISC is a limited partner with Group Motorise
International in the organization and promotion of certain events
at Circuit Gilles Villeneuve in Montreal, Canada. 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, ISC has
an indirect 50 percent interest in a business called Motorsports
Authentics, which markets and distributes motorsports-related
merchandise licensed by certain competitors 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, Corporate and Investor Communications of International
Speedway, +1-386-947-6465 Web site: http://www.iscmotorsports.com/
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