The purchase price for the transaction is approximately $69 million in cash.
source: paddocktalk.com International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today announced it has entered into a purchase agreement with Indianapolis Motor Speedway Corporation to indirectly acquire an additional 37.5 percent interest in Raceway Associates "Raceway Associates") are owner and operator of Chicagoland Speedway and Route 66 Raceway in Joliet, Illinois. The purchase price for the transaction is approximately $69 million in cash. After the transaction closes, ISC will own 100 percent of Motorsports Alliance, LLC ("Motorsports Alliance"), which owns 75 percent of Raceway Associates. Raceway Associates was formed in 1999 as a joint venture between Motorsports Alliance and the former owners of Route 66 Raceway. Raceway Associates subsequently developed Chicagoland Speedway, a 75,000 seat facility hosting premier motorsports events from the NASCAR NEXTEL Cup, NASCAR Busch, IRL IndyCar and ARCA RE/MAX series. ISC will also exercise its right to purchase the minority partners' remaining 25 percent interest in Raceway Associates pursuant to the 1999 Raceway Associates formation agreement. All the above transactions are expected to close in early 2007. "Chicagoland is a uniquely attractive asset well-positioned in the nation's third largest media market," said ISC President Lesa France Kennedy.
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