ISC Backs Off $368M Plans For Northwestern NASCAR Track

Int’l Speedway Corp. (ISC) yesterday announced it is “pulling the plug” on plans for a $368M NASCAR track near Bremerton, Washington, which “called for about $180[M] in taxpayer-backed financing,” according to Ralph Thomas of the SEATTLE TIMES. But ISC said that it “will look for other track sites in the state and might come back to the Legislature with another proposal in the future.” Thomas notes ISC made “several revisions aimed at winning over some of [the project’s] opponents, such as agreeing to let people from the region vote on the proposal.” But the company said that it had been told “more changes were needed for the legislation to move forward.” Grant Lynch, President of ISC subsidiary Great Western Sports, said in a statement, “These additional changes to the legislation were unacceptable and would have had a significant negative impact on our financial model” (SEATTLE TIMES, 4/3). ISC Senior Investor Relations Analyst Lenny Santiago: “As a public company, we have a responsibility to our shareholders to only undertake projects that would generate a return” (AP, 4/3).

OPPOSING SIDES: Lynch said Kitsap County lawmakers “were just bound and determined they weren’t going to get a racetrack in their community.” But Kitsap County Commissioner Chris Endresen said ISC “didn’t come to the table with enough money. I think they were asking too much from the taxpayers.” Lynch: “We’re going to have to have some support from local entities.” Lynch indicated that he “still thinks there’s broad support in Washington state, and even in Kitsap, for a NASCAR track” (NEWS TRIBUNE, 4/3).