ISC lines up Pikes Peak purchase
The International Speedway Corporation has taken the first steps towards buying Pikes Peak International Raceway, after signing a mangement deal with the Colorado circuit.
Speedway Corp. subsidiary Rocky Mountain Speedway Corp. will provide Pikes Peak International Raceway with management advisory and consulting services, including marketing, promotions, sales and operations.
No financial details of the contract have been revealed, although company communications director David Talley said it includes a right to first refusal if the owner of the Fountain, Colorado, track decides to sell it. The option is good through 2005, the life of the consulting contract, and two years after.
"ISC has been interested in Colorado since it merged with Penske Motorsports and acquired RMSC in 1999," said Lee Combs, ISC senior vice president of corporate development.
"PPIR's current schedule of events includes the NASCAR Busch Series and the Indy Racing League, making the facility the most significant promoter of professional motorsports in the Rocky Mountain region. In the United States, Busch Series racing is second only to NASCAR Winston Cup in terms of popularity, and the Indy Racing League is fast becoming the most popular form of open wheel racing in the country.
"We don't view Pikes Peak International Raceway as a Winston Cup facility, but we believe the current schedule of events provides a great opportunity to promote other major motorsports entertainment in the area," he added.
The 1,200-acre Pikes Peak raceway complex includes a 42,000-seat, one-mile oval and 1.3-mile road course.
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