ISC has spent $4 million on Kentucky lawsuit in 2006

Friday, October 06, 2006

International Speedway Corp. has spent approximately $4 million this year in defending an anti-trust lawsuit brought by Kentucky Speedway against ISC and NASCAR.

ISC investor relations spokesman Wes Harris announced that figure during the company's conference call with financial analysts Wednesday.

Kentucky Speedway owners allege that privately held NASCAR, a sanctioning body owned by the France family, and publicly traded ISC, which owns race tracks and promotes races at those tracks, illegally conspire to keep non-ISC venues from obtaining Nextel Cup dates.

NASCAR and ISC deny those claims.

The lawsuit, filed in July 2005, is still in the stage where both sides are asking for documents and interviewing each other's officers. That process will continue through at least January 2007 and a hearing on whether the case should proceed to trial likely won't come before August 2007.

In other news from the ISC conference call:

  • While attendance was below expectations at ISC races at Michigan in June and August, Daytona in July and California in September, ticket sales are ahead of last year for the company's remaining events, said ISC chief financial officer Susan Schandel.
  • ISC has a three-year contract with Groupe Motorise International to promote the Busch Series race in Montreal. ISC is the partner that signed the sanction agreement with NASCAR, Schandel said.

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