International Speedway Corp. saw its net income drop 95 percent from $134.6 million in 2008 to $6.8 million in 2009, with its 50 percent stake in merchandise company Motorsports Authentics costing $77.6 million on its 2009 balance sheet, according to its year-end financial report issued Thursday. The losses for Motorsports Authentics, owned 50-50 by ISC and track-operating rival Speedway Motorsports Inc., include an ISC write-down of its half of the worth of the company by $69.3 million and operating losses for 2009 of $8.3 million. ISC also announced that it believes Motorsports Authentics’ value of goodwill and intangible assets is zero as the company has not been able to pay guarantees under its current license agreements.
ISC President John Sanders said he did expect a resolution to the Motorsports Authentics issues in the next three to six months. The merchandise company – which licenses the merchandise, has it purchased and also does at-track sales – is looking at streamlining operations. Bankruptcy is still an option, according to ISC’s news release. Admissions revenue dropped 17.2 percent from $236.1 million to $195.5 million. Saunders said that ISC sold slightly below 80 percent of its seating capacity for Sprint Cup events, compared with 90-95 percent in previous years. The weighted average ticket price was down 3 percent.
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