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): December 6, 2010

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.)

One Daytona Boulevard, Daytona Beach, Florida	32114
(Address of Principal Executive Offices)	(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 1.02 Termination of a Material Definitive Agreement

Section 7 — Regulation FD

Item 7.01 Regulation FD Disclosure

Section 8 — Other Items

Item 8.01 Other Items

In connection with efforts to develop a major motorsports entertainment facility in the New York metropolitan area, a subsidiary of International Speedway Corporation (“ISC”), 380 Development, LLC, purchased 676 acres located in the New York City borough of Staten Island in early fiscal 2005 and began improvements including fill operations on the property. In December 2006, ISC announced its decision to discontinue pursuit of the speedway development on Staten Island.

In October 2009, ISC announced that it had entered into a definitive agreement with KB Marine Holdings LLC (“KB Holdings”) under which KB Holdings would acquire 100.0 percent of the outstanding equity membership interests of 380 Development for a total purchase price of $80.0 million. The purchase and sale agreement (“Agreement”) called for the transaction to close no later than February 25, 2010, subject to certain conditions, including KB Holdings securing the required equity commitments to acquire the property and performing its obligations under the Agreement. Upon execution of the Agreement, ISC received a non-refundable $1.0 million payment.

On April 19, 2010, ISC executed an amendment to the Agreement which provided an extension to KB Holdings to close the transaction on or before June 30, 2010. Under the terms of that extension, the maximum purchase price to be paid by KB Holdings was $88.0 million. On September 7, 2010, ISC announced that it executed a second amendment (“Second Amendment”) to the Agreement, providing an extension to KB Holdings to close the transaction on or before November 30, 2010.

KB Holdings did not fulfill the obligation of the Second Amendment to close the transaction on or before November 30, 2010. On December 6, 2010, ISC announced the termination of the Agreement. As a result of the transaction terminating, ISC will pursue discussions immediately with alternative buyers for the 676-acre parcel of property located in Staten Island.

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

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

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: December 6, 2010	By:	/s/ Brett M. Scharback
		Brett M. Scharback
		Vice President - Deputy General Counsel

EX-99.1

Exhibit 99.1

FOR:	International Speedway Corporation
CONTACT:	Charles N. Talbert
	Director, Investor and Corporate Communications
	(386) 681-4281

FOR IMMEDIATE RELEASE

INTERNATIONAL SPEEDWAY CORPORATION ANNOUNCES TERMINATION
OF AGREEMENT TO SELL STATEN ISLAND PROPERTY

     DAYTONA BEACH, Fla. — December 6, 2010 — International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today announced the termination of the agreement with KB Marine Holdings LLC (“KB Holdings”) for the sale of its Staten Island, New York property. KB Holdings did not fulfill the terms of the second amendment to its definitive agreement (the “Agreement”) to close the transaction on or before November 30, 2010. As a result of the transaction terminating, ISC will pursue discussions immediately with alternative buyers for the 676-acre parcel of property located in Staten Island.

     The Agreement, which was entered into in November 2009, contemplated KB Holdings’ 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. Upon execution of the Agreement, ISC received a non-refundable $1.0 million payment.

     “This property is ideal for port-related and logistic activities and we are confident that we will come to terms with an interested buyer to redevelop this site to its highest and best use which will provide significant economic development and job creation in Staten Island, New York City and the region as a whole,” said Brian K. Wilson, ISC Vice President of Corporate Development.

     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

-More-

ISC ANNOUNCES TERMINATION OF AGREEMENT PAGE 2

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 subsidiary, Stock-Car Montreal.

     The Company also owns and operates MRN^® Radio, the nation’s largest independent sports radio network and Americrown Service Corporation^SM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. For more information, visit the Company’s Web site at www. internationalspeedwaycorporation.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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