Fred,
I'll post another newsrelease that gives more ISCA info. for those that don't know about the company.
Tuesday March 4 8:35 AM EDT
International Speedway Corporation to Exercise Option to Become Sole Owner of
Watkins Glen International
DAYTONA BEACH, Fla.--(BUSINESS WIRE)--March 4, 1997--
Historic Road Course Home To Ninth-Highest Rated Winston Cup Race --
International Speedway Corporation (Nasdaq/NM: ISCA; Nasdaq Bulletin Board: ISCB) today announced it will exercise a contractual option
to acquire the 50% interest it does not already own in Watkins Glen International, Inc. (WGI) from Corning Inc for approximately $3.1 million.
The transaction price represents the stock s book value at December 31, 1996. WGI owns and operates Watkins Glen International, a 3.4
mile road course in upstate New York that is home to "The Bud at the Glen," a NASCAR Winston Cup series race that ranked ninth in
television ratings on the 1996 Winston Cup circuit.
International Speedway presently owns 50% of WGI, with Corning owning the other half. The two companies brought the facility out of
bankruptcy and reestablished it as a racing venue in the 1980s. Equipped with grandstand seating for 33,221 spectators, the 1,100 acre
facility affords ample space for the many thousands of race attendees who observe from numerous vantage points around the winding 3.4
mile road course. International Speedway's option to purchase Corning's interest for its book value is part of a shareholder agreement
between the two companies in place since 1988. Closing of the transaction is tentatively scheduled for April 7, 1997.
William C. France, Chairman and Chief Executive Officer of International Speedway, stated, "In Watkins Glen, we are taking sole ownership
of a profitable facility that immediately adds value for our shareholders. The track and the town of Watkins Glen have a fine tradition of
racing, and "The Bud at the Glen" is one of the Winston Cup circuit s more popular stops. We are excited to have the opportunity to maintain
Watkins Glen under our sole ownership and believe the track fits nicely with our portfolio of premier racing facilities."
According to John Saunders, president of WGI, "Watkins Glen International is a vibrant, self-sustaining facility. We look forward to this new
era of motorsports in Watkins Glen under the International Speedway Corporation banner."
As previously reported, International Speedway is investigating several locations for the addition of one, or possibly two, new motorsports
entertainment complexes. Sites under consideration include Chicago, Sacramento and Kansas City. Evaluation of these locations continues
and is unrelated to the acquisition of Watkins Glen International.
Watkins Glen International is a major motorsports facility located a couple of miles southwest of Watkins Glen, NY. The track dates back to
1948 when automobile racing took place on the streets of Watkins Glen. Today, WGI's NASCAR-sanctioned events in addition to "The Bud
at the Glen" are the Lysol 200 Busch Grand National and the Parts America 150 NASCAR Craftsman Truck races. Other events include the
Glen U.S. Nationals, First Union Six Hours of the Glen and the Zippo U.S. Vintage Grand Prix.
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting over 70 events
annually. In addition to its interest in Watkins Glen, the Company owns and/or operates three of the nation s premier superspeedways --
Daytona International Speedway in Florida, home of the Daytona 500, Talladega Superspeedway in Alabama, and Darlington Raceway in
South Carolina, as well as Tucson (AZ) Raceway Park. International Speedway also owns and operates MRN Radio, the nation s largest
independent sports radio network; the DAYTONA USA motorsports attraction in Daytona Beach, FL; and holds a 12% ownership interest in
Penske Motorsports Inc . |
