ISC promotes approximately 80 events a year and owns Daytona International Speedway, Talladega Superspeedway in Alabama, Phoenix International Raceway, Darlington Raceway in South Carolina and Watkins Glen International in New York. The acquisition of Penske Motorsports will add Michigan Speedway in Brooklyn, Mich; Nazareth Stadium in Pennsylvania; California Speedway in San Bernardino; and North Carolina Speedway to ISC's portfolio. The two companies will promote more than 100 events in 1999.
Chairman and CEO of ISC and President of NASCAR, Bill France said:
" This merger will create the premier company in the country's fastest-growing spectator sport and will provide benefits to America's racing fans, and ISC and Penske Motorsports shareholders. Penske Motorsports brings excellent facilities, exposure to key markets, a strong management team and substantial growth potential to the company." ISC have been equity-holders in Penske Motorsports for the last three years and the merger says Bill France " will take our relationship to a the next level."
Roger Penske will remain the second largest shareholder and will serve as vice-chairman in the combined company's board. Bill France added: " Our expanded geographic reach and larger base of operations will allow us to pursue new national sponsorships and develop cross-marketing opportunities with a wider array of partners." The two companies generated more than $300million in revenues last year.
