Motor racing’s ISC cashes in on TV deals as third-quarter revenue rises
US motor racing’s International Speedway Corporation, the prominent owner of Nascar and IndyCar racing tracks, has increased its total revenue by nearly $3 million in the third quarter of 2017.
Total revenues for the three months to 31 August reached $131.9 million, up from $129 million in the same period last year.
However, the group’s net income totalled $0.3 million, compared with $2.2 million in 2016, thanks to costly legal settlements and race track development projects driving up expenditure.
ISC has said that with those costs excluded the company brought in net income of $2.9 million.
The majority of ISC’s income is generated from broadcast deals, admissions and other commercial agreements.
In the nine months to 31 August, ISC’s admission revenues totalled $82.8 million while its motor sports income, including TV deals, totalled $319.9 million.
Nascar is in the third year of its 10-year deal with US national networks Fox and NBC which bring in a combined $8.2 billion.
At present, around 65 per cent of Nascar’s broadcast revenues are distributed to track owners.
Commenting on the results, Lesa France Kennedy, chief executive of ISC, said: "We are pleased with the financial results for the third quarter. Revenue for comparable events increased, driven by contracted broadcast rights and corporate partnerships. During the quarter, admissions revenue increased for the Coke Zero 400 and we announced the third consecutive sell-out of reserved grandstands for the Monster Energy NASCAR Cup Series event at Watkins Glen."
"The Phoenix Raceway Project powered by DC Solar is progressing nicely. Last week we announced a partnership with ISM Connect for a multi-year agreement that includes naming rights for the Raceway. Beginning in 2018, the ISM Raceway will be one of only two motorsports facilities with partnership naming rights. At completion, the modernized facility will feature ISM's ground-breaking digital fan engagement experience, a great complement to the many world-class fan amenities being constructed at the facility.”