Looks like the sportsman days would have been numbered at the National Events if this had gone through. To much reading for me (over 295,000 words
), oh well.
http://www.sec.gov/Archives/edgar/data/1347006/000110465907090689/a07-15468_4defm14a.htm
Association Drag Racing Access Agreement
The 23 National Events at which Professional Drag Racing currently takes place (commonly known as the POWERade Series) include certain non-professional Association sponsored races (the “NE Association Races”) which take place at the National Events between the various rounds of Professional Drag Racing. HDP and the Association have provided for that relationship to continue pursuant to the Association Drag Racing Access Agreement, which will be entered into between HDP and the Association upon the closing of the Asset Acquisition. The Association has the right to require HDP to continue to conduct NE Association Races at the National Events to the same extent as conducted during the 2006 racing season. Commencing with the 2013 NHRA racing season until the expiration of the Association
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Drag Racing Access Agreement, HDP shall have the right to reduce the number of vehicles competing in NE Association Races conducted at existing national series and existing National Events by up to ten (10%) percent per year, up to an aggregate reduction in NE Association Races of fifty (50%) percent. The term of the Association Drag Racing Access Agreement is 25 years, subject to automatic one-year renewals unless HDP has elected to allow the agreement to terminate on the then current expiration date.
During the term of the Association Drag Racing Access Agreement an annual access fee of $800,000 shall be paid by the Association to HDP in return for the access provided for in this agreement, subject to a proportionate reduction if HDP exercises its right to reduce the number of vehicles racing in the National Events.
"HDP is obligated, with respect to the NE Association Races that it conducts at the National Events to provide certain benefits such as trophies and purses, subject to cost sharing provisions. Specifically, HDP must provide: (i) cash purses, trophies, other awards and award ceremonies, and sportsman performance benefits, for NE Association Races; and (ii) HDP shall have the right to collect and retain for its account all participant entry fees, additional participant credential fees, late fees and transfer fees for those participating in the NE Association Races, although generally the Association shall have the right to determine the amounts thereof. The Association shall reimburse HDP for 50% of the prize monies for all NE Association Races conducted at National Events up to a maximum amount of $1,032,000, subject to certain permitted reimbursement exclusions and increases, and for the cost of trophies and other non-cash prizes for such races."
