International Speedway Files Complaint For Declaratory Relief Against CART, Inc.
November 04 2003 - 4:34PM
PR Newswire (US)
International Speedway Files Complaint For Declaratory Relief
Against CART, Inc. DAYTONA BEACH, Fla., Nov. 4
/PRNewswire-FirstCall/ -- International Speedway Corporation
("ISC") (BULLETIN BOARD: ISCB) today announced 88 Corp., a wholly
owned subsidiary of ISC and parent of The California Speedway
Corporation, owner of California Speedway ("Speedway"), filed a
Complaint for Declaratory Relief with the U.S. District Court,
Central District of California against CART, Inc. The Complaint
seeks a declaration that wildfires throughout San Bernardino
County, California, and surrounding areas beginning October 21,
2003, constituted a "force majeure" as described in the Official
Organizer/Promoter Agreement ("Agreement"), which led to the
cancellation of The King Taco 500 event scheduled to occur on
November 2, 2003, at California Speedway. Per the terms specified
in the Agreement, ISC is due back the $2.5 million Organization and
Rights fee previously paid to CART, less a mutually agreeable
amount for legitimate expenses reasonably incurred by CART in
preparing for the event. On October 24, Speedway officials began
coordinating with local authorities and agencies regarding the
nearby wildfires, including the advisability of proceeding with the
race events scheduled for the weekend of November 1 and 2, and how
the Speedway could assist in emergency and relief efforts. Speedway
officials held multiple discussions with CART regarding postponing
its race but CART insisted on delaying a decision until closer to
the event. Speedway officials disagreed with CART's position, as to
continue delaying a decision would have put a tremendous burden on
fans and competitors, as well as fire safety, medical and security
personnel. On October 28, at the request of several government
officials including James L. Brulte, the Senate Republican Leader
of the California State Senate, and the desire to not burden safety
and rescue personnel nor endanger employees, guests, volunteers or
participants, Speedway officials announced the postponement of the
coming weekend's events. CART announced the cancellation of the
event on October 29. Ultimately, the Speedway became host of a
"Race for Relief" effort, transforming itself into a drop-off site
for items to aid those affected by, or fighting, the wildfires. The
Company hopes the dispute with CART will be resolved quickly.
International Speedway Corporation is a leading promoter of
motorsports activities in the United States, currently promoting
more than 100 events annually. The Company owns and/or operates 12
of the nation's major motorsports 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; North Carolina Speedway in
Rockingham; Darlington Raceway in South Carolina; Watkins Glen
International in New York; and Nazareth Speedway in Pennsylvania.
Other track interests include 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/ . DATASOURCE:
International Speedway Corporation CONTACT: Wes Harris, Director of
Investor Relations of International Speedway, +1-386-947-6465 Web
site: http://www.iscmotorsports.com/
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