Another strong sign that NASCAR’s in trouble

Struggling merchandise company Motorsports Authentics lost $42,975,000 for the fiscal year ending Nov. 30, 2007, according to an annual financial statement International Speedway Corp. has filed with the Securities and Exchange Commission. ISC and its track-operating rival, Speedway Motorsports Inc., own 50 percent each of Motorsports Authentics.

The two companies also split an additional "impairment charge" – a write-down in the value of the company – by $69,499,000.

Before ISC's filing with the SEC, it had been estimated that Motorsports Authentics would lose between $40 million and $50 million.

The remainder of the annual financial filing contains mostly previously announced financial information.

According to the filing, NASCAR events resulted in 85.8 percent of ISC's total revenues. That compares to 87.6 percent in 2006 and 86.2 percent in 2005.

ISC also revealed that its "Daytona Live!" mixed-use entertainment complex, which will be built across the street from Daytona International Speedway and include new headquarters for ISC and NASCAR, could be delayed for environmental reasons. Monitoring wells have shown the possibility of a past gasoline spill on the property.

Speedway Motorsports has not yet filed its annual financial report with the SEC. Sporting News