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ISC to buy out IMS ownership pf Chicagoland Speedway: International Speedway Corporation ("ISC") today announced it has entered into a purchase agreement with Indianapolis Motor Speedway Corporation to indirectly acquire an additional 37.5% interest in Raceway Associates, LLC ("Raceway Associates"), 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% of Motorsports Alliance, LLC ("Motorsports Alliance"), which owns 75% 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% interest in Raceway Associates pursuant to the 1999 Raceway Associates formation agreement. All the above transactions are expected to close in early 2007.(ISC Motorsports site)(11-1-2006)
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NASCAR MODIFIEDS...WHERE IT ALL BEGAN. LET'S REMIND NASCAR OF THEIR ROOTS.