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International Speedway buys Raceway

International Speedway buys Raceway

Racetrack operator International Speedway Corp. on Thursday said it completed its acquisition of Raceway Associates LLC, owner of Chicagoland Speedway and Route 66 Raceway in Illinois, for $102.4 million in cash.
International Speedway will also assume $39.7 million of Raceway’s debt.
Raceway Associates was formed in 1998 by eight partners, including International Speedway, to develop Chicagoland Speedway in Joliet, Ill., which opened in 2001.
In November, International Speedway agreed with Indianapolis Motor Speedway Corp. to indirectly acquire an additional 37.5 percent interest in Raceway Associates. At the same time, International Speedway said it would exercise its right to buy the 25 percent interest held collectively by the eight minority partners of Raceway.
Shares rose 3 cents to $53.23 on the Nasdaq.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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