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
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