FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 5, 1999
INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA O-2384 59-0709342
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1801 WEST INTERNATIONAL SPEEDWAY BOULEVARD, DAYTONA BEACH, FLORIDA 32114
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (904) 254-2700
No Change
(Former name or address, if changed since last report)
Item 5. Other Events.
On May 5,1999 The Motorsports Alliance, LLC, a limited liability company
jointly owned by the Indianapolis Motor Speedway Corporation (IMSC) and
International Speedway Corporation (ISC) (Nasdaq/NM: ISCA; OTC Bulletin Board:
ISCB), and the owners of Route 66 Raceway, LLC issued a press release which
announced that they had formed a new company, Raceway Associates, LLC, which
as a result now owns Route 66 Raceway; a 240 acre motorsports complex located
in Joliet, Illinois that includes a state of the art dragstrip, 3/8-mile clay
oval and road course test track.
The Motorsports Alliance also announced Raceway Associates had also purchased
930 acres of land adjacent to the Route 66 facilities for the purpose of
constructing a new oval superspeedway that could host NASCAR and Indy Racing
League events. Construction on the new speedway is expected to begin in the
summer of 1999, with racing to commence in the year 2001.
Raceway Associates, LLC is owned 75% by the Motorsports Alliance, LLC and 25%
by the former owners of Route 66 Raceway, LLC.
The announcement stated the proposed new $100 million superspeedway
development will be financed through equity of approximately $50 million from
the Motorsports Alliance, LLC, and a borrowing of approximately $50 million by
Raceway Associates, LLC, which has been obtained from Bank One Corporation and
First Union National Bank. The new superspeedway is expected to have capacity
for approximately 75,000 motorsports fans and is expected to host three major
racing event weekends each year, including a Pep Boys Indy Racing League
event. Raceway Associates hopes to also be awarded a NASCAR Winston Cup
Series race, a NASCAR Busch Series - Grand National Division race and a NASCAR
Craftsman Truck Series Race to complement the existing Route 66 Raceway
schedule.
The Speedway Developers anticipate the new track and grandstand area will
occupy approximately 200 acres on the 930 acre plot located adjacent to the
Route 66 Raceway near Interstate 80, Interstate 55, and Illinois Route 53.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description of Exhibit Filing Status
1. (99.1) Press Release announcing investment filed herewith
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTERNATIONAL SPEEDWAY CORPORATION
(Registrant)
Date: 5/6/99 /s/ H. Lee Combs
_____________ __________________________________
H. Lee Combs, Senior Vice President
Date: 5/6/99 /s/ Susan G. Schandel
_____________ __________________________________
Susan G. Schandel,
Chief Financial Officer
NEWS RELEASE
_______________________________
For release: May 5, 1999
Motorsports Alliance and Route 66 Raceway Announce Transaction and Land
Purchase
The Motorsports Alliance, LLC, a limited liability company jointly owned
by the Indianapolis Motor Speedway Corporation (IMSC) and International
Speedway Corporation (ISC) (Nasdaq/NM: ISCA; OTC Bulletin Board: ISCB), and
the owners of Route 66 Raceway, LLC announced today that they have formed a
new company, Raceway Associates, LLC. As a result of this transaction,
Raceway Associates now owns Route 66 Raceway; a 240 acre motorsports complex
located in Joliet, Illinois that includes a state of the art dragstrip, 3/8-
mile clay oval and road course test track.
Raceway Associates has also purchased 930 acres of land adjacent to the
Route 66 facilities for the purpose of constructing a new oval superspeedway
that could host NASCAR and Indy Racing League events. Construction on the new
speedway is expected to begin in the summer of 1999, with racing to commence
in the year 2001.
Raceway Associates, LLC is owned 75% by the Motorsports Alliance, LLC
and 25% by the former owners of Route 66 Raceway, LLC.
In addition, Dale Coyne, who now serves as CEO of the Route 66 Raceway
has been named president of Raceway Associates. Also, Joie Chitwood III, has
been named vice president / general manger of Raceway Associates.
"We have been looking forward to this day for a long time," said H. Lee
Combs, senior vice president of operations for ISC. "Not only have we found a
wonderful location for our new superspeedway, we are excited about our
involvement with the NHRA at America's finest drag racing facility. We
believe Joliet's established reputation as an entertainment destination
enhances our goal of bringing top level NASCAR and Indy Car racing to
Chicagoland."
This new world-class motorsports park would not have been possible
without the strong support and encouragement of the City of Joliet and Will
County, Illinois," said Kenneth Ungar, Chief of Staff, Indianapolis Motor
Speedway Corporation. "Community leaders saw the tremendous success of the
Route 66 Raceway and sought to further build on the economic development
opportunities presented by motorsports entertainment."
The proposed new $100 million superspeedway development will be financed
through equity of approximately $50 million from the Motorsports Alliance,
LLC, and a borrowing of approximately $50 million by Raceway Associates, LLC,
which has been obtained from Bank One Corporation and First Union National
Bank. The superspeedway will seat approximately 75,000 motorsports fans and
is expected to host three major racing event weekends each year, including a
Pep Boys Indy Racing League event, featuring the cars and drivers of the
legendary Indianapolis 500.
The partners hope to be awarded a NASCAR Winston Cup Series race, a Busch
Grand National Series race and a Craftsman Truck Series Race to complement the
existing Route 66 Raceway schedule which includes such prestigious events as
the annual National Hot Rod Association (NHRA) FRAM Route 66 Nationals.
Developers anticipate the new track and grandstand area will occupy
approximately 200 acres on a 930 acre plot located adjacent to the Route 66
Raceway near Interstate 80, Interstate 55, and Illinois Route 53.
Route 66 Raceway opened its inaugural season in 1998 featuring more than
90 racing days. It is host to the nationally televised NHRA FRAM Route 66
Nationals -- featuring top fuel, funny cars, pro stocks, trucks and motorcycle
racing. In addition to the drag strip, which affords stadium-style seating
for 30,000 race fans, Route 66 Raceway consists of a two-mile, 15-turn road
course; a half-mile clay oval; a one-mile off-road track; and a 35-acre paved
driving school pad.
The Motorsports Alliance, LLC is owned 50/50 by IMSC and ISC. ISC owns,
operates, or has interests in 11 tracks, including the Daytona International
Speedway, home of the renowned Daytona 500. ISC also owns Talladega
Superspeedway, Phoenix International Raceway, Darlington Raceway and Watkins
Glen and holds a 45 percent interest in the Miami Homestead Speedway. The
Indianapolis Motor Speedway is the site of the two best attended one-day
sporting events in the world: the Indianapolis 500 for Indy-style cars and the
Brickyard 400 for NASCAR. A third race, the Formula One U.S. Grand Prix, is
scheduled for its IMSC debut in 2000. IMSC also owns the Walt Disney World
Speedway on the grounds of the Magic Kingdom in Orlando.
While serving as President/CEO for the Route 66 Raceway, among Coyne's
responsibilities are establishing the schedule and contract negotiations with
all major sanctioning bodies as well as oversee all construction of the
facility. In his career, Coyne has also served as president and majority owner
of Payton Coyne Racing; as president and sole owner of Dale Coyne Racing; and
acting CEO for Championship Auto Racing Teams from 1993-1994.
Chitwood, manager of administration for the Pep Boys Indy Racing League,
is a member of the Chitwood Thrill Show family and has been a precision driver
with the famous family. He holds a bachelors degree in business
administration and finance and a masters of business administration degree,
both from the University of South Florida. He also studied at Cambridge
University, England. Joie and his wife Susan will be moving to Joliet in the
near future.
-30-
Contact: Debbie Robinson
Golin Harris
312-729-4297
