 | |
| Formerly | Bill France Racing, Inc. |
|---|---|
| Company type | Subsidiary |
| Nasdaq: ISCA | |
| Industry | Motorsports |
| Founded | 1953; 72 years ago (1953) |
| Founder | Bill France Sr. |
| Defunct | October 18, 2019 (2019-10-18) |
| Fate | Acquired byNASCAR |
| Headquarters | Daytona Beach, Florida ,United States |
Key people |
|
| Revenue |  $633.91 millionUSD (2010, November) |
| $115.64 millionUSD (2010, November) | |
| $54.53 millionUSD (2010, November) | |
| Parent | NASCAR[1] |
| Website | www |
International Speedway Corporation (ISC) was acorporation whose primary business was the ownership and management ofmotorsportsrace tracks. ISC was founded byNASCAR founderBill France Sr. in 1953 for the construction ofDaytona International Speedway and in 1999 it merged withPenske Motorsports to become one of the largestmotorsports companies in North America.[2][3] The company played an important, though controversial, role in the modernization of the sport. It worked with NASCAR to create new tracks and update older ones in an effort to improve the racing and the experience for spectators and has constructed popular new tracks in regions previously thought uninterested in NASCAR. Because both companies have several members of theFrance family in top positions, ISC's competitors have filed multiple lawsuits onantitrust grounds.[2][4][5]
On May 20, 2019,NASCAR agreed to purchase ISC for approximately US$2 billion, with it the purchase closing October 18, 2019. It has been dissolved into NASCAR.[1][6][7]
International Speedway Corporation (ISC) was founded as Bill France Racing, Inc. (later Daytona International Speedway Corporation) in 1953 and in 1957 the company signed a contract for the use of land on which to build Daytona International Speedway, one of the world's firstsuperspeedways.[2] A decade later, France decided to build another superspeedway, this time on a 2,000-acre (8.1 km2) site nearTalladega, Alabama and after its completionTalladega Superspeedway became NASCAR's fastest track. These two tracks were the fastest on the series schedule until the advent ofrestrictor plates in 1988. In 1968, the company assumed its later name to reflect its more ambitious scope.[3] Two years later, ISC created theMotor Racing Network, a play-by-playradio network for NASCAR races, with MRN's first race coverage coming at the 1970Daytona 500.[8]
The early 1980s saw NASCAR's popularity increase, not only among fans, but also withsponsors. Companies likeFord,General Motors,Winston andGatorade were willing to put up advertising dollars and holding auto races became a much more profitable venture.[3] To capitalize on this, the company began pursuing expansion through the purchase of existing tracks. In 1982, the company bought one of the series' most popular and traditional ones,Darlington Raceway which has been in operation since 1950, as well asTucson Raceway Park, a .375 miles (0.604 km) dirt oval (since paved) inArizona.[2][3] The following year they partnered withCorning Glass Works to purchase theWatkins Glen Internationalroad course inupstate New York.[2] In 1987, Bill France Sr. stepped down as president of the company withJim France replacing him.[8] Two years later, ISC incorporated its food service company, Americrown.[8]
By this time ISC was profitable, but most of their races were still in theSouth and in mostly rural areas, with many of the country's major cities likeLos Angeles,Detroit,Miami andChicago lacking a nearby track. ISC began looking for ways to change this in the late 1990s.Homestead-Miami Speedway was built in 1995 by Ralph Sanchez andWayne Huizenga and in 1997 ISC and Penske Motorsports (owned by motorsports magnateRoger Penske) partnered with the track's owners.[9] In 1999, the company continued its push into the country's urban centers when it merged with Penske, who at the time owned four speedways:Nazareth Speedway,North Carolina Speedway inRockingham, North Carolina,Michigan International Speedway and the newly constructedAuto Club Speedway (which opened as California Speedway).[10] ChairmanBill France Jr. cited the company's "attractive markets" as one of the major reasons for going ahead with the deal.[10] The new company retained the ISC name, with Penske's sonGregory Penske joining the board of directors.[10] Not all of the new tracks from the Penske merger fit into the company's plans however, as Nazareth was soon closed down and Rockingham was sold. The merger also gave ISC a 90% stake in Homestead-Miami Speedway and the company soon bought out the final 10% to acquire complete control over the track.[10]
In the same year, ISC formed the Motorsports Alliance with the owners of the historicIndianapolis Motor Speedway; this company would go after another huge market inChicago by building the newChicagoland Speedway in nearbyJoliet, Illinois and by buying out the smallerRoute 66 Raceway dragstrip.[2] In 2007, ISC bought out its partners in the company to take control of both tracks.[11]
In 2001, ISC would continue its trend towards modern facilities by constructingKansas Speedway nearKansas City. In 2003,Lesa Kennedy took over from Jim France the role of president of the company.[8] On June 1, 2009, John R. Saunders took over as President of ISC, becoming the first ISC president without a "France" surname. Saunders held the position of executive vice president of operations prior to becoming president.
On January 28, 2019, it was revealed on ISC's 2018 annual report that a total of 78,000 seats were removed from Chicagoland, Darlington, Kansas, Martinsville, Michigan, Phoenix, and Richmond.[12]
When it merged with NASCAR, the company owned 13 active tracks which collectively held 18 of the 36 events on the schedule of theNASCAR Cup Series.[13] In addition to thestock car racing that NASCAR is famous for, ISC tracks also hostedIndyCar Series races,USCC,Grand-Am,IMSAGT andSCCAsports car races,WKAgo-kart races andAMA motorcycle races. Besides NASCAR, other stock car series likeIROC andARCA used their tracks.[2]
The company's other holdings included theMotor Racing Network, aradio network that broadcasts NASCAR events, and Americrown, afood service business that operates concession stands at its tracks.[2] In 2005, ISC partnered withSpeedway Motorsports, Inc. to form Motorsports Authentics, a company that markets and distributes NASCAR-related souvenirs and collectibles.[14]
Prior to 2019, ISC was a separate company from NASCAR, but was also controlled by theFrance family. About 35% of the stock in ISC was owned by the heirs of NASCAR founderBill France and the remainder traded on thestock market.[15]Lesa Kennedy is CEO andJim France isChairman.[2] On May 20, 2019, it was announced that NASCAR would fully acquire ISC and take it private. The sale was completed on October 21, 2019.[16][17]
| Track name | Location | Length | Seating | Year opened | Year acquired[A] | Year sold | Current owner |
|---|---|---|---|---|---|---|---|
| Auto Club Speedway | Fontana, California | 2.0 miles (3.2 km) | 68,000 | 1997 | 1999 | 2019 | NASCAR |
| Chicagoland Speedway | Joliet, Illinois | 1.5 miles (2.4 km) | 47,000[12] | 2001 | 2007 | 2019 | NASCAR |
| Darlington Raceway | Darlington, South Carolina | 1.366 miles (2.198 km) | 47,000[12] | 1950 | 1982 | 2019 | NASCAR |
| Daytona International Speedway | Daytona Beach, Florida | 2.5 miles (4.0 km) | 101,000 | 1959 | 1959† | 2019 | NASCAR |
| Homestead–Miami Speedway | Homestead, Florida | 1.5 miles (2.4 km) | 46,000 | 1995 | 1999† | 2019 | NASCAR |
| Kansas Speedway | Kansas City, Kansas | 48,000[12] | 2001 | 2001 | 2019 | NASCAR | |
| Martinsville Speedway | Ridgeway, Virginia | .526 miles (0.847 km) | 44,000[12] | 1947 | 2004 | 2019 | NASCAR |
| Michigan International Speedway | Brooklyn, Michigan | 2.0 miles (3.2 km) | 56,000[12] | 1968 | 1999 | 2019 | NASCAR |
| Nazareth Speedway | Nazareth, Pennsylvania | 0.946 miles (1.522 km) | 37,424 | 1966 | 1999 | 2004[B] | Raceway Properties LLC. |
| Phoenix Raceway | Avondale, Arizona | 1.0 mile (1.6 km) | 42,000[12] | 1964 | 1997 | 2019 | NASCAR |
| Pikes Peak International Raceway | Fountain, Colorado | 1 mile (1.6 km) | 62,000 | 1997 | 2005 | 2005[D] | PPIR LLC. |
| Richmond Raceway | Richmond, Virginia | .75 miles (1.21 km) | 51,000[12] | 1946 | 1999 | 2019 | NASCAR |
| Rockingham Speedway | Rockingham, North Carolina | 1.017 miles (1.637 km) | 60,122 | 1965 | 1999 | 2004[C] | Rockingham Properties LLC. |
| Route 66 Raceway | Joliet, Illinois | .25 miles (0.40 km) dragstrip | 30,000 | 1998 | 2007 | 2019 | NASCAR |
| Talladega Superspeedway | Talladega, Alabama | 2.66 miles (4.28 km) | 78,000 | 1969 | 1969 | 2019 | NASCAR |
| Tucson Speedway | Tucson, Arizona | .375 miles (0.604 km) | N/A | 1968 | 1982 | 2002[E] | John Lashley |
| Watkins Glen International | Watkins Glen, New York | 2.45 miles (3.94 km) road course | 38,900 | 1948 | 1997 | 2019 | NASCAR |
| † - Daytona International Speedway and Homestead-Miami Speedway were managed by ISC subject to long-term leases with the cities where the tracks are located. The date listed is the year when ISC executed the leases, or acquired the leasehold, on these tracks.[18] | |||||||
ISC and NASCAR made public their desire to have a presence in areas it sees as having the potential for growth, most notably thePacific Northwest andNew York City.[25]
In 2003, ISC began scouting sites inWashington andOregon for a new track to attract fans from around the Pacific Northwest, eventually settling on a site nearMarysville, Washington inSnohomish County, Washington north ofSeattle. 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 throughtaxes, in much the same way as other sports venues in the area (KeyArena,Safeco Field,CenturyLink Field). The track would have been publicly owned and leased to ISC.[26] 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.[27]
After the deal in Marysville fell through, ISC courted another site, this time south of Bremerton National Airport inBremerton,Washington just acrossPuget Sound from Seattle.[26] Although like the Marysville proposal the proposal in Bremerton was to be partially funded with public money, the money will not come directly from taxes but instead frombonds funded by taxes, in a scheme similar to the one used to fund Kansas Speedway.[28] Also like the Marysville proposal, the Bremerton track would be publicly owned and leased to ISC for three races per year.[26] ISC's current proposal was met with a lukewarm response from area lawmakers and citizens, but the company has promised to present an improved offer for early 2007.[29]
In March 2007,Washington state representativeLarry Seaquist caused a minor controversy when he was quoted as saying, "These people are not the kind of people you would want living next door to you. They'd be the ones with the junky cars in the front yard and would try to slip around the law."[30] The quote was assumed to be an attack on NASCAR fans but Seaquist later claimed that it was directed at ISC.[30]
In April 2007, this plan was also abandoned by ISC after failing to get their bill out of committee in the Washington State Legislature or to gain the full support of the Kitsap County Commissioners.[31]
On November 30, 2004, the company made no secret of its interest in building a superspeedway in the New York market and was in talks with Staten Island officials about the logistics of constructing a track there.[32] In 2004, ISC purchased 600 acres (2.4 km2) onStaten Island inNew York City for the construction of a4⁄5 mile (1.3 km)short track that would hold 80,000 fans and have the New York City skyline as its backdrop.[33] The proposal was met with fierce resistance from many of 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").[34] In December 2006, ISC dropped their pursuit of the project.[35]
On February 13, 2007, the company announced that they were looking into building a track inColorado. The 75,000-seat track would be built on one of two locations inAdams County, just east ofDenver. The company would also be looking to use the same type of combination of public and private funds for the race track as in Kansas and Washington.[36]
Francis Ferko, a stockholder inSpeedway Motorsports, Inc., sued NASCAR and ISC in 2002 for violating federalantitrust laws andbreach of contract for not awarding a second Winston Cup Series date toTexas Motor Speedway, claiming that the second race was "promised" to the SMI track by NASCAR.[4] After an attempt by NASCAR to get the case dismissed, another shareholder, Rusty Vaughn, joined the case as co-plaintiff in 2003. Although NASCAR CEOBrian France initially said he was going to fight the case in the courts, in April 2004 it was announced that the case had beensettled out of court with Texas getting the Cup date previously belonging toNorth Carolina Speedway and, as part of the deal, agreeing to purchase North Carolina—which now had no dates at all—from ISC for $100 million.[4] Other races on the schedule were also moved around as a result (seeNASCAR Realignment).
In 2005,Kentucky Speedway filed a similar lawsuit against ISC and NASCAR, claiming that NASCAR violated antitrust laws by not awarding them a Sprint Cup Series race, noting the close relationship between NASCAR, ISC, and the France Family.[37] 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. Thismotion was denied, however.[5] A motion tomove the case fromKentucky toFlorida – home of NASCAR and ISC – was also rejected.[38] 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.[39]
Initially, Kentucky had wanted the jury to force NASCAR to grant the speedway a Sprint Cup Series event but in 2007 they changed their demand to instead force the France family to sell either NASCAR or ISC. The track is also demanding that NASCAR develop objective standards for the awarding of their race events anddamages of $200 million. In January 2008, the court dismissed the lawsuit, saying that the plaintiffs had failed to make their case. Kentucky Speedway says they will appeal the court's decision.[40]
In 2011, Kentucky Speedway, now owned by SMI, received a date, theQuaker State 400, on the Cup Series schedule, which lasted until 2020.
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| National | |
