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  • RaceCity1 RaceCity1 Mar 29, 2001 7:22 PM Flag

    Winston Cup tracks worth

    taking a break from what I must say is the oddest collection of posts that have nothing to do with this stock, here is some interesting stuff on TRK and the rumor they are trying to buy Darlington. The link is http://www.journalnow.com/wsj/sports/MGBVD75IUKC.html
    It is the Winston Salem Paper, excellent MotorSports Coverage. Highlight would be
    "When ISC bought Richmond International Speedway in December 1999, it paid $215.6 million. If the Richmond track is worth about $15 million, then each of its two Cup dates would have cost $100 million. At the time ISC said the fair value of the net assets of the track was $46.3 million, with the other $170 million being charged to "goodwill,'' apparently a reference to ISC's valuation of the two Winston Cup dates. That would give some idea of what Darlington's two dates might be worth."
    "In his bid for a second Winston Cup date here at Texas Motor Speedway, and a possible second date at Las Vegas, Bruton Smith has made an offer to buy Darlington Raceway from the France family for an undisclosed price, according to NASCAR sources."

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    • PUMP IT UP for Me MoMoney!

    • Bought 2,500 @ 12.50. I hope Moday can be a follow through.

      Faith

    • It is Saturday morning, please let me sleep. Don�t disturb others. If you like DVD buy it otherwise quit bothering investors.

      Lim Tung

    • Is it window dressing or your guys are pumping it up?

    • Offer to buy Darlington Raceway. Who is next?

      As usual, Smith adds spice to Texas pot

      Wed, Mar 28, 2001

      As usual, Smith adds spice to Texas pot
      He declines comment on report that he has offered to purchase Darlington track
      By Mike Mulhern
      JOURNAL REPORTER

      FORT WORTH, Tex.

      In his bid for a second Winston Cup date here at Texas Motor Speedway, and a possible second date at Las Vegas, Bruton Smith has made an offer to buy Darlington Raceway from the France family for an undisclosed price, according to NASCAR sources.

      Smith yesterday wouldn't confirm that an offer had been made, but he did say there had been "meetings" with the Frances on the subject of the South Carolina race track.

      Smith declined to offer any specifics or to say what he might do with the track, which is near I-95 about an hour west of Myrtle Beach.

      A fair market price for Darlington Raceway would be difficult to determine. The track is "land-locked," with little room for expansion. It wouldn't be nearly as valuable as its two Winston Cup tour dates.

      The Frances, through their International Speedway Corporation, bought the vintage Darlington track several years ago for about $4 million. Its two Winston Cup races, in April and September, attract two of the smallest crowds on the circuit, usually less than 60,000, and rarely sell out.

      Smith said he expects about 200,000 here this weekend for the Harrah's 500, and he said he could attract just as large a crowd at a second Winston Cup race here. TMS is about 20 miles from the Dallas-Fort Worth airport in one of the fastest-growing areas of the nation's fifth-largest market.

      "Just look at Texas," Smith said. "It's now bigger than New York state. Texas is now the second-largest state in the nation. Texas keeps growing and growing. And our track is already sold out this weekend ... and you know we don't always go each weekend to tracks that are sold out."

      Darlington's Labor Day weekend Southern 500 is a NASCAR legend, but not at the box office. And that end-of-summer weekend is prime sports time. There has been speculation since Texas opened in 1997 that a new Southern 500 at Texas Motor Speedway that Labor Day weekend could be one of this sport's blockbuster events, if it could be pulled off.

      When ISC bought Richmond International Speedway in December 1999, it paid $215.6 million. If the Richmond track is worth about $15 million, then each of its two Cup dates would have cost $100 million. At the time ISC said the fair value of the net assets of the track was $46.3 million, with the other $170 million being charged to "goodwill,'' apparently a reference to ISC's valuation of the two Winston Cup dates. That would give some idea of what Darlington's two dates might be worth.

      NASCAR has tried to exert a limit on the marketability of Winston Cup dates, despite having set a precedent in the 1996 sale of North Wilkesboro Speedway and its two Cup dates to Smith and Loudon's Bob Bahre.

      NASCAR, it can be assumed, would prefer to keep its Winston Cup dates "in house'' rather than put any up for bid on the open market.

      • 1 Reply to Carolyn_Novice
      • start back from scratch. And we redesigned it.


        "You can do anything you want to with a speedway. You can take a 2-1/2-mile speedway and make it shorter if you want to. There are a lot of things that can be done.

        "There is no problem redesigning a track. If I was asked to, I could do in about an hour and a half.

        "If you were willing to spend a few million dollars you could cure whatever you wanted to cure. There's nothing in the world wrong with changing a racetrack. But that's their speedway and they have to do what they want to do. But I'm here to help anybody, because I want to build racing. I hope people realize I've been doing that.

        "I don't think there's anything you can do (with Talladega) between now and April. But you could sure do it between now and the next event there."

        This story can be found at : http://www.journalnow.com/wsj/sports/MGBVD75IUKC.html

        Carolyn

    • Specialist is jacking it up. Let us not bid against each other. Don�t bid more than 500 to 1,000 shares at a time.

      Faith

    • He will pump and dump. Buy at your risk.

      Sky

    • Code green, check your email.

      Carolyn

    • Please don�t start buying yet. I need to get my orders filled.

      Leo

    • Is everyone in the gang ready?

      SLV

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