International Speedway Corporation (NASDAQ: ISCA)(OTCBB:ISCB) has entered a definitive agreement to sell their 676 acre parcel of the property located in Staten Island, New York, to KB Marine Holdings LLC. The Agreement contemplates KB Marine's purchase of 100% of the outstanding equity membership interests of 380 Development LLC.
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380 Development is a wholly owned subsidiary of ISC and owner of the Staten Island property. The total sales price of the property is $80 million. The agreement also calls for the close of the transaction no later than February 25, 2010.
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 13 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; Auto Club Speedway of Southern California(SM) near Los Angeles; Kansas Speedway(®) in Kansas City, Kansas; Phoenix International Raceway(®) in Arizona; Chicagoland Speedway(®) and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway(®) in Virginia; Darlington Raceway(®) in South Carolina; and Watkins Glen International(®) in New York. In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.
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