NASCAR offers no comment to reports of possible sale of series

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NASCAR offers no comment to reports of possible sale of series
By: Kenny Bruce
May 7, 2018, 9:40 PM

NASCAR’s ownership group is exploring options that include the sale of the sanctioning body, according to a report from the Reuters news agency.

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According to the report, published Monday, sources say the privately-held company has obtained the services of Goldman Sachs Group Inc., to seek out potential buyers.

The report calls the move “exploratory.” NASCAR officials had no comment when contacted Monday and asked about the possible sale.

NASCAR, headquartered in Daytona Beach, Fla., was founded by William H.G. France and incorporated in 1948. Brian France, grandson of the man known to many as Bill Sr., is currently chairman and CEO of NASCAR.

The company sanctions racing in multiple series in the United States and abroad, with the U.S.-based Monster Energy NASCAR Cup Series the most widely known.

Two groups, International Speedway Corp., and Speedway Motorsports Inc., own the majority of tracks which host NASCAR-sanctioned races.

ISC, also headquartered in Daytona Beach, is operated in part by members of the France family – Jim France, the son of Bill Sr., is Chairman of the Board while Lesa France Kennedy, daughter of former NASCAR president and Chairman William Clifton France (Bill Jr.), is Chief Executive Officer.

Jim France also serves as vice chairman and executive vice president of NASCAR; Lesa Kennedy is also listed as an executive vice president.

ISC owns 12 tracks that host 19 of 36 points races on the current MENCS schedule, including Daytona International Speedway, the centerpiece of the series with its season-opening Daytona 500.

SMI owns eight facilities that host 12 points events annually for the Cup Series.  Broadcast partners FOX and NBC currently hold the television rights.

In 2016, American media giant Liberty Media began an $8 billion dollar deal to take over Formula 1.

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About this article

Series NASCAR Cup
Author Kenny Bruce
Article type Breaking news