NASCAR May Be for Sale
The France family is, reportedly, exploring a possible sale of the U.S.-based stock-car racing sanctioning body.
NASCAR's founding family, the Frances, are considering the sale of a majority stake in the auto racing sanctioning body, according to a report from Reuters on Monday. The report cites anonymous sources, and representatives from NASCAR and Goldman Sachs, the investment bank with which NASCAR is possibly working, have declined The Drive’s request for comment.
“This is my 38th year in NASCAR. I’ve been here, making a living since late 1980, and I’ve never even heard rumblings of anything like this,” Larry McReynolds, former NASCAR crew chief and NASCAR on FOX broadcaster said Monday in a roundtable discussion on FOX Sports 1.
NASCAR was founded in 1948 by Bill France Sr. and is still managed by the France family. His grandson Brian France is the chairman and CEO, while son Jim France holds the titles of vice chairman and executive vice president; granddaughter Lesa France Kennedy is also an executive vice president.
Jim France is concurrently a chairman of the sports car racing sanctioning body IMSA, which was founded in the late '60s with assistance from Bill France Sr.
The family then holds a majority stake in International Speedway Corporation, the parent company of several tracks that host NASCAR national-level races including Daytona International Speedway, which accommodates the top series’ flagship event, the Daytona 500.
NASCAR’s premier series is the Monster Energy Cup, the most popular stock-car racing series in the U.S. Others include the Xfinity Series and Camping World Truck Series. NASCAR also sanctions local and regional racing leagues including the K&N Pro Series with East and West divisions to boot. Internationally, NASCAR oversees the Pinty’s Series in Canada, Whelen Euro, and Peak Mexico Series.
The brand recently acquired ARCA, another U.S. stock car racing sanctioning body.
NASCAR has struggled with declining race attendance and TV ratings in recent years with the decline attributed to an aging fan base, declining interest in automobiles, and frequent rule changes.