8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 12, 2009

INTERNATIONAL SPEEDWAY CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Florida
(State or Other Jurisdiction
of Incorporation) 0-2384
(Commission File Number) 59-0709342
(IRS Employer
Identification No.)

1801 West International Speedway Boulevard,
Daytona Beach, Florida
(Address of Principal Executive Offices) 32114
(Zip Code)

(386) 254-2700
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 1 — Registrant’s Business and Operations

     Item 1.01 Entry into a Material Definitive Agreement

Section 7 — Regulation FD

     Item 7.01 Regulation FD Disclosure

Section 8 — Other Items

     Item 8.01 Other Items

On November 12, 2009 the Company issued a press release which announced that it entered into a definitive agreement to sell its 676-acre parcel of property located in Staten Island, New York, to KB Marine Holdings LLC. The Agreement contemplates KB Marine’s purchase of 100 percent of the outstanding equity membership interests of 380 Development, LLC, a wholly owned indirect subsidiary of ISC and owner of the Staten Island property. The agreement calls for the transaction to close no later than February 25, 2010.

A copy of the release is attached as an exhibit to this report.

Section 9 — Financial Statements and Exhibits

     Item 9.01 Financial Statements and Exhibits

				Description of
	Exhibit Number			Exhibit	Filing Status
1		(99.1	)	Press Release	Attached herewith

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	INTERNATIONAL SPEEDWAY CORPORATION (Registrant)
Date: November 12, 2009	By:	/s/ Brett M. Scharback
		Brett M. Scharback
		Deputy General Counsel

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EX-99.1

Exhibit 99.1

For Additional Information Contact:

International Speedway Corporation
Charles N. Talbert
(386) 681-4281

KB Marine Holdings LLC
Alan Marcus
The Marcus Group
(973) 890-9590

FOR IMMEDIATE RELEASE

INTERNATIONAL SPEEDWAY CORPORATION AND KB MARINE SIGN AGREEMENT
FOR SALE OF STATEN ISLAND PROPERTY

     DAYTONA BEACH, Fla. — November 12, 2009 — International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today announced that it entered into a definitive agreement (the “Agreement”) to sell its 676-acre parcel of property located in Staten Island, New York, to KB Marine Holdings LLC (“KB Marine”). The Agreement contemplates KB Marine’s purchase of 100 percent of the outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and owner of the Staten Island property, for a total sales price of $80 million. The agreement also calls for the transaction to close no later than February 25, 2010; the closing would be subject to certain conditions.

     Upon execution of the Agreement, ISC received a $1 million initial payment, which is non-refundable subject to limited conditions of ISC performance. KB Marine has the opportunity to receive a $5 million credit to the sales price if the closing date occurs on or before December 31, 2009.

     “We are very pleased to announce the execution of this agreement as it has been our intention to find a buyer interested in redeveloping this site to its highest and best use, which would be for port-related and logistic activities,” said Brian K. Wilson, ISC’s Vice President of Corporate Development. “KB Marine plans to do exactly that, which will benefit economic development and job creation in Staten Island, New York City and the region as a whole. We look forward to KB Marine completing its due diligence process, securing the required equity commitments to acquire the property and closing the transaction in the next few months.”

-more-

ISC SIGNS AGREEMENT FOR SALE OF STATEN ISLAND PROPERTY PAGE 2

     The Company expects the proceeds from the sale, net of applicable broker commissions and other closing costs to be consistent with its current carrying value, resulting in an immaterial gain or loss on the transaction upon closing. From a tax perspective, ISC expects to realize a current cash tax benefit of approximately $39 million to $42 million in fiscal 2010 as a result of the impairments previously taken to reduce the carrying value to its estimated fair value. The Company recognized impairments of approximately $85 million in its fiscal 2006 fourth quarter results related to the Company’s decision to discontinue its speedway development efforts on Staten Island, and approximately $13 million in its fiscal 2009 third quarter results to adjust its then current carrying value of its property to fair market value. Total net proceeds including the tax benefit will provide the Company approximately $110 million to $115 million in incremental cash flow.

     International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment 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; Auto Club Speedway of Southern California^SM near Los Angeles; Kansas Speedway^® in Kansas City, Kansas; Phoenix International Raceway^® in Arizona; Chicagoland Speedway^® and Route 66 Raceway^SM near Chicago, Illinois; Homestead-Miami Speedway^SM in Florida; Martinsville Speedway^® in Virginia; Darlington Raceway^® in South Carolina; and Watkins Glen International^® in New York. In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.

     The Company also owns and operates MRN^® Radio, the nation’s largest independent sports radio network; the Daytona 500 Experience^SM, the “Ultimate Motorsports Attraction” in Daytona Beach, Florida, and official attraction of NASCAR^®; and Americrown Service Corporation^SM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in Motorsports Authentics^®, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company’s Web site at www.iscmotorsports.com.

     Statements made in this release that express the Company’s or management’s beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those contained in or implied by such forward-looking statements. The Company’s results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from the Company and the SEC. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material.

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