UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 26, 2010
INTERNATIONAL SPEEDWAY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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Florida
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0-2384
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59-0709342 |
(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer |
of Incorporation)
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Identification No.) |
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One Daytona Boulevard |
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Daytona Beach, Florida
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32114 |
(Address of Principal Executive Offices)
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(Zip Code) |
(386) 254-2700
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 7 Regulation FD
Item 7.01 Regulation FD Disclosure
Section 8 Other Items
Item 8.01 Other Items
In connection with our efforts to develop a major motorsports entertainment facility in the New
York metropolitan area, our subsidiary, 380 Development, LLC, purchased a total of 676 acres
located in the New York City borough of Staten Island in early fiscal 2005 and began improvements
including fill operations on the property. In December 2006, we announced our decision to
discontinue pursuit of the speedway development on Staten Island. In October 2009, we announced
that we had entered into a definitive agreement with KB Marine Holdings LLC (KB Holdings) under
which KB Holdings would acquire 100% of the outstanding equity membership interests of 380
Development for a total purchase price of $80.0 million. The purchase and sale agreement
(Agreement) called for the transaction to close no later than February 25, 2010, subject to
certain conditions, including KB Holdings securing the required equity commitments to acquire the
property and performing its obligations under the agreement. As a result of KB Holdings failure to
perform its obligations, the closing will not occur on February 25, 2010. We are currently
negotiating with KB Holdings to amend the Agreement and provide an extension of the closing date,
however there can be no assurance that we will come to terms with KB Holdings on such an amendment.
We have the right to terminate the Agreement and may do so in the event we are unable to come to
acceptable terms with KB Holdings on an amendment. We do not anticipate a reduction in the
purchase price as part of a potential amendment to the Agreement.