UPDATE 1-International Speedway scraps deal to sell NY land

Mon Dec 6, 2010 5:07pm EST

* Buyer fails to fulfill terms

* To talk to alternative buyers

Dec 6 (Reuters) - Racetrack operator International Speedway Corp (ISCA.O) scrapped a deal with KB Marine Holdings LLC to sell 676 acres of land in Staten Island, New York where it had earlier planned to build a racetrack.

The deal was scrapped as KB Holdings did not fulfill the terms of the agreement to close the transaction on or before Nov. 30, International Speedway said in a statement.

The $80 million deal, announced last year, was originally supposed to close on Feb. 25 this year. The company later amended the agreement to extend the closing date.

"As a result of the transaction terminating, ISC will pursue discussions immediately with alternative buyers," the company said.

International Speedway, whose tracks include the home of the popular Daytona 500 NASCAR race, abandoned plans to establish a New York beach-head following local opposition, and has been looking to sell the land for over three years.

Shares of the Daytona Beach, Florida-based company closed at $25.01 Monday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Don Sebastian)

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