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France family wants to merge NASCAR, ISC

DAYTONA BEACH, FL – FEBRUARY 18: The Thunderbirds perform a flyover prior to the start of the Monster Energy NASCAR Cup Series 60th Annual Daytona 500 at Daytona International Speedway on February 18, 2018 in Daytona Beach, Florida. (Photo by Brian Lawdermilk/Getty Images)

By AMANDA VINCENT

NASCAR’s France family wants to merge its racing sanctioning body with International Speedway Corporation, the race track parent company of which it has controlling interest.

“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” NASCAR Chairman and CEO and ISC Board of Directors Chairman Jim France said. “We believe the industry requires structural changes to best position the sport for long-term success and this offer represents a positive step forward in that direction.”

ISC is the parent company of 12 tracks that host the Monster Energy NASCAR Cup Series, including Daytona (Fla.) International Speedway and Homestead-Miami Speedway, which host the first and last race weekends of the NASCAR season. NASCAR owns Iowa Speedway. Through its ownership of racing sanctioning body IMSA, NASCAR also owns Road Atlanta and Sebring International Raceway.

Through NASCAR, the France family has made an offer of $42/share to purchase all outstanding shares of ISC stock listed at approximately $39 earlier this month. The offer will be reviewed by a committee comprised of ISC board members not related to the France family. All ISC stock, including shares already owned by the France family, had an estimated value of $1.7 billion on Nov. 9.

“We believe the industry would benefit from structural change in order to best position the sport on a going forward basis,” a letter from Jim France and ISC CEO and NASCAR Vice Chairwoman Lesa France Kennedy to the ISC board read. “This will require significant time, effort, and investment. We believe that this transformation will be best undertaken as a private company. Moreover, we believe that the consolidation of the ownership of ISC and NASCAR, as private companies guided by the Family Stockholders, is in the best interests of all constituents of the sport and will position motorsports for long-term success and viability.”

The France family explored its options related to selling NASCAR earlier this year. In April, NASCAR acquired the ARCA Racing Series.

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Posted by on November 21, 2018. Filed under Breaking News,Featured,NASCAR. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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