* Buyer fails to fulfill terms
* To talk to alternative buyers
Dec 6 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
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