NY: International Speedway pays $100 million for Staten Island site

DAYTONA BEACH, Fla. (AP) -- International Speedway Corp. has paid $100 million to buy land in Staten Island to build a New York City track.

The company, which owns or operates 11 of NASCAR's major tracks, hopes to build a $600 million facility on dormant industrial land. Officials said Wednesday it could represent the largest construction project the motorsports giant has undertaken, nearly triple the amount it spent to build tracks in Kansas City, Kan., and the Chicago area.

Lesa France Kennedy, president of the family-controlled ISC, said the company has to complete a feasibility study before deciding whether to build the facility. The France family also controls NASCAR, the world's premier stock car racing circuit.

``Whether we ultimately construct a track or pursue alternative options for the development of this prime New York real estate will largely depend on the results of this study,'' Kennedy said.

Speedway officials were expected to elaborate on their New York plans Thursday in a call with financial analysts.

Kennedy said the track probably could not be completed until 2009 or 2010. The parcels that were purchased by an ISC subsidiary, 380 Development, include a 450-acre waterfront tract owned by GATX Corp., and a 1-acre parcel bought from an unidentified owner.

The subsidiary also plans to spend $10 million to buy an additional 236 acres from Duke Energy in January. In all, ISC wants to acquire 660 acres, which it said would be the largest undeveloped block of land within New York City.

The land near the Goethals Bridge would house a three-quarter-mile track with 80,000 seats and a 50-acre group of nationally known stores. ICS officials said a New York developer, Related Retail Corp., will hold a minority stake in the venture.

Officials did not disclose what financial incentives they have requested from New York City and other agencies.

New York City Mayor Michael Bloomberg previously has voiced doubts about traffic jams that might be generated by the track. Neither the mayor nor city council members representing Staten Island could be reached for comment Wednesday night.

Several Staten Island political leaders, including borough President James Molinaro, have been supportive of the project, saying it would rejuvenate land that is now a defunct oil tank farm.

By Rob Lambert

December 17, 2004

Good day sports entertainment fans. I said in my last article that it was the last one for the year unless something happened to rate a special article. Well, it seems there are a couple of things that might affect NASCAR in the future and your enjoyment of said entertainment.

Can you say “The Sprint for the Championship?” Sure you can. But will there be such and animal? Who the heck knows right now?

About a year ago, when Nextel was being hailed as the greatest thing since sliced white bread, I had the audacity to suggest that it might not be the most stable platform to build your house upon. Sort of like the sand and rock, for those of you who understand this, great, for those of you who do not understand this reference -- it is in the Bible.

I believe that if you look back in my opinions, I said something to the effect that putting all your marbles in the bag of a telecommunications company was really risky business. The telecommunications industry is one of the most volatile businesses in the known world. It makes the “Silly Season” seem tame by comparison.

I received many scathing Emails stating that I didn’t know 'Jack' about the telecommunications world. It was the greatest thing that could happen to NASCAR. I didn’t tell you then that I have been involved with the telecommunications industry, along with the education field, for more years than many of you have been NASCAR fans. Sorry “newbies.”

Since Sprint and Nextel are seemingly headed for a shotgun wedding, perhaps you folks can step back and look at the big picture. Will Sprint/Nextel (Sextel?) be the sponsor of the playoffs? Will the new boys from Kansas decide that they don’t need NASCAR? Will they decide that they don’t want to drop scads of money into the France bottomless pit? Will they fire everyone in the whole Sprint/Nextel food chain? Stay tuned tomorrow for “As the Racers Turn (Left).”

Sprint/Nextel will be the third largest cellular company in the land. They will be looking long and hard at the various areas that the dollars they put out go. All that money going towards NASCAR will be one of the first things looked at. Will the return for the investment be considered respectable? Will it matter? Ask the 23,000 people Sprint has laid off in the recent past, including several friends of mine who had considerable time working there.

I hope that Sprint/Nextel decides to keep the France family in business for a while. It would be as hard as heck to find a big time “sugar daddy” company in a hurry. There aren’t many companies that could, or would, sponsor NASCAR on a moment’s notice.

The France’s might have to do like some of their teams do. You know, pay out of their pocket and chase sponsors like there is no tomorrow. But since NASCAR is always trying to beat the teams out of their sponsors, they might be able to pull it off.

Back to paying their own way, can you imagine Brian and his sister paying for NASCAR out of their five billion dollar bank accounts? You think that they might tend to come up with cost-cutting measures to try to preserve their bank accounts? What could they be? Let your imaginations run wild.

Oh well, NASCAR made it before big time sponsorship, you know back in the “old days.” But, then again, they had W.H.G France large and in charge, not the grandson who desires to be the number one money grubber in the racing world. Well, maybe not the biggest moneygrubber, Formula One leadership has him beaten for now.

“Now, for something completely different”, an old Brit comedy for those not in the loop; let’s look at the racers. In keeping up with the changes in NASCAR for next year, I see that there are going to be more team cars next year.

How great is this going to be? Can you imagine the blocking and “rabbits”, a la Homestead, when there are only teams and team orders? What fun, let’s get all the drivers and all their team members in a ring after all this blocking and such and have an “over the top rope battle royal” (WWE special) match after someone messes with another driver or team. I’ll take the old #8 (now #15) team; they are used to such things.

Well, Sports Entertainment fans, those are my thoughts on what is, will be, and may be happening in NASCAR before Daytona. I hope that NASCAR will get everything in order before the “Great American Sports Entertainment.” Racing is long gone -- so why don’t they just change the name.

I hope you have a great Christmas and a Happy New Year. I hope you notice that I didn’t use that wimpy Happy Holidays. I hope you have a great time and not much snow; unless you are a skier, of course.

http://insiderracingnews.com/Rob/121704.html

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