International Speedway Corporation
From Wikipedia, the free encyclopedia
| International Speedway Corporation | |
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| Type | Public (NASDAQ: ISCA, OTCBB: ISCB) |
|---|---|
| Founded | 1953 (as Bill France, Inc.) |
| Headquarters | Daytona Beach, Florida |
| Key people | Bill France, Sr., founder Bill France, Jr., chairman Jim France, CEO Lesa Kennedy, president |
| Industry | Motorsports |
| Products | Sporting activities |
| Revenue |  $754.63 Million USD (2005, November) |
| Operating income | $412.15 Million USD (2005, November) |
| Net income | $162.09 Million USD (2005, November) |
| Employees | 1,000 (full time) |
| Website | www.iscmotorsports.com |
International Speedway Corporation (NASDAQ: ISCA) or ISC is a corporation whose primary business is the ownership and management of NASCAR race tracks. Although ISC is majority-owned by the France family, it is separate from NASCAR. About 55% of the stock in ISC is owned by the heirs of NASCAR founder Bill France and the remainder trades on the stock market. Lesa Kennedy is president, Jim France is CEO and Bill France, Jr. is the company's chairman of the board.
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[edit] Holdings
The corporation owns California Speedway, Darlington Raceway, Daytona International Speedway, Homestead-Miami Speedway, Kansas Speedway, Martinsville Speedway, Michigan International Speedway, Phoenix International Raceway, Richmond International Raceway, Talladega Superspeedway, and the Watkins Glen International road course and owns a minority interest in Chicagoland Speedway. Together these tracks hold almost two-thirds of the events on the NASCAR Nextel Cup Series schedule.
The company's other holdings include the Motor Racing Network, a radio network that broadcasts NASCAR events, Americrown, a food service business that operates concession stands at its tracks, and Daytona USA, a NASCAR-themed attraction just outside Daytona International Speedway. In 2006, ISC partnered with Speedway Motorsports, Inc. to form Motorsports Authentics, a company that markets and distributes NASCAR-related souvenirs and collectibles.
[edit] Expansion
ISC and NASCAR have both made public their desire to have a presence in areas it sees as having the potential for growth, most notably the Pacific Northwest and New York City. ISC has said that the earliest either of these tracks would be operating is 2011 [1].
[edit] Washington state
In 2003, ISC began scouting sites in Washington and Oregon for a new track to attract fans from around the Pacific Northwest, eventually settling on a site near Marysville, Washington in Snohomish County north of Seattle. Although the plan was met with some resistance from residents – particularly those living near the site for the planned speedway – local business owners and other residents were in favor of the plan, believing that the track would be good for the area's economy and would create jobs. Unlike ISC's later proposal in New York, the Marysville proposal would be supported by public funds raised through taxes, in much the same way as other sports venues in the area (KeyArena, Safeco Field, Qwest Field). The track would have been publicly owned and leased to ISC [2]. In November 2004, local officials and ISC announced that they could not go through with the deal, saying that the costs for that particular site would be too high [3].
After the deal in Marysville fell through, ISC courted another site, this time in Kitsap County west of Seattle and across Puget Sound [4]. Although like the Marysville proposal the proposal in Kitsap County will be partially funded with public money, the money will not come directly from taxes but instead from bonds funded by taxes [5]. Also like the Marysville proposal, the Kitsap track would be publicly owned and leased to ISC for three races per year [6].
[edit] Staten Island
In 2004, ISC purchased 600 acres on Staten Island in New York for the construction of a 4/5-mile short track that would hold 80,000 fans and have the New York City skyline as its backdrop [7]. The proposal was met with fierce resistance from many the island's residents. At a public meeting in April 2006, police had to end the meeting early for fears of rioting and safety concerns. One report had a local councilman being put in a headlock after one particularly provoking speech (though one ISC official called it merely a "hug for the TV cameras") [8]. In December 2006, ISC dropped their pursuit of the project [9].
[edit] Kentucky Speedway lawsuit
In 2005, Kentucky Speedway filed a lawsuit against ISC and NASCAR, claiming that NASCAR violated federal antitrust laws by not awarding them a Nextel Cup race, noting the close relationship between NASCAR, ISC, and the France Family [10]. NASCAR sought to have the case thrown out by arguing that the speedway wasn't trying to end the alleged anticompetitive practices, they were merely trying to benefit from them as well. This motion was denied, however [11]. A motion to move the case from Kentucky to Florida – home of NASCAR and ISC – was also rejected [12]. ISC, for its part, said it shouldn't be involved in the case at all as it conducts no business in the state. Lawyers for Kentucky Speedway contended that the company does business online and is just as responsible for the lack of competition in granting the races as NASCAR is [13]. The trial is still ongoing.
