International Speedway Completes Acquisition of Martinsville Speedway

DAYTONA BEACH, Fla., July 13 -- International Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC") today announced it has completed the previously announced acquisition of Martinsville Speedway ("Martinsville"). Located in southern Virginia, the half-mile speedway seats 63,000 grandstand spectators and provides premium guest accommodations in its 25 suites. Martinsville hosts two NASCAR NEXTEL Cup Series events annually, along with two NASCAR Craftsman Truck Series races and a Late Model Stock Car event.

"Today we add a storied facility to the ISC portfolio and increase our roster of premium NEXTEL Cup events," commented Lesa France Kennedy, President of ISC. "In addition, Martinsville offers several growth opportunities over the long term. We are pleased to have Martinsville join the ISC family and look forward to a successful future."

Clay Campbell, President of Martinsville Speedway, stated, "Martinsville has long been a popular stop on the NEXTEL Cup circuit for fans, demonstrated by the facility's sold-out attendance for Cup races over the past decade. The opportunity to tap ISC's significant resources and expertise will enable us to continue providing fans with a premium race experience."

The total purchase price of approximately $192 million, excludes an immaterial amount for post-closing prorations of working capital. The acquisition was funded by approximately $100 million received from the sale of North Carolina Speedway, and an additional $92 million in cash. Including an estimated $3 million for acquisition-related costs, approximately $148 million will be allocated to the sanction agreement assets of Martinsville, $34 million to property, plant and equipment, and the remaining $13 million to goodwill.

International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 100 events annually. The Company owns and/or operates 12 of the nation's major motorsports facilities, including Daytona International Speedway in Florida (home of the Daytona 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond International Raceway in Virginia; California Speedway near Los Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix International Raceway in Arizona; Homestead-Miami Speedway in Florida; Martinsville Speedway in Virginia; Darlington Raceway in South Carolina; Watkins Glen International in New York; and Nazareth Speedway in Pennsylvania. Other track interests include an indirect 37.5% interest in Raceway Associates, LLC, which owns and operates Chicagoland Speedway and Route 66 Raceway near Chicago, Illinois.

The Company also owns and operates MRN Radio, the nation's largest independent sports radio network; DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR; and subsidiaries which provide catering services, food and beverage concessions, and produce and market motorsports-related merchandise under the trade name "Americrown." For more information, visit the Company's Web site at http://www.iscmotorsports.com/.