Report from Motorsport News International NASCAR Public Relations ISC acquires Watkins Glen DAYTONA BEACH, Fla. (April 2, 1997) International Speedway Corporation announced that it has completed the acquisition of Watkins Glen ...
Report from Motorsport News International
NASCAR Public Relations
ISC acquires Watkins Glen
DAYTONA BEACH, Fla. (April 2, 1997)
International Speedway Corporation announced that it has completed the acquisition of Watkins Glen International Inc. from Corning, Inc. for approximately $3.1 million.
The transaction price represents the stocks book value at December 31, 1996. WGI owns and operates Watkins Glen International, a 3.4-mile road course in upstate New York that is home to the Bud at the Glen, a NASCAR Winston Cup Series race that ranked the ninth in television ratings on the 1996 NASCAR Winston Cup Series circuit.
The transaction was originally scheduled to close April 7, 1997 but was completed earlier due to accounting reasons.
Watkins Glen International is a major motorsports facility located a couple of miles southwest of Watkins Glen, N.Y. The track dates back to 1948 when automobile racing took place on the streets of Watkins Glen. Today, WGI has NASCAR-sanctioned events in addition to The Bud at the Glen, including the Lysol 200 NASCAR Busch Series Grand National Division race and the Parts America 150 NASCAR Craftsman Truck Series race. Other events include the Glen U.S. Nationals, First Union Six Hours of the Glen and the Zippo U.S. Vintage Grand Prix.
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 70 events annually. In addition to its interest in Watkins Glen, the company owns and/or operates three of the nations premier superspeedwaysDaytona International Speedway in Florida, home of the Daytona 500; Talladega Superspeedway in Alabama and Darlington Raceway in South Carolina, as well as Tucson Raceway Park in Arizona.
International Speedway Corporation also owns and operates MRN Radio, the nations largest independent sports radio network, the Daytona USA motorsports attraction in Daytona Beach, Fla. and holds a 12 percent ownership interest in Penske Motorsports, Inc.
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