The board of leading US motorsport promoter the International Speedway Corporation has rubber stamped a share repurchase programme.

The board of the company which owns or operates 11 of the US’ major venues – among them the Daytona International Speedway in Florida - has authorised the stock buyback scheme under which the company can purchase up to $50m of its outstanding Class A common shares.

ISC chief executive officer James C. France said: “Our decision to repurchase shares is testament to our confidence in ISC's strong financial position and the significant visibility of our future operating results.

“Combined with the continued successful execution of strategic initiatives designed to capitalise on both internal and external growth opportunities, we believe our capital allocation strategy reflects a balanced approach that will enhance shareholder value and further position the company for long-term success."

source: sportbusiness.com