France family reportedly exploring potential sale of NASCAR
Amid multi-year low TV ratings and dropping attendance, NASCAR could be up for sale.
Amid multi-year low TV ratings and dropping attendance, NASCAR could be up for sale sooner rather than later.
Rumblings of a potential sale resurfaced Monday as a report from Reuters said the France family — which has been the majority owners of NASCAR since its founding in 1948 — are exploring options of a sale.
Unnamed sources told CNBC the France family, led by NASCAR chairman and CEO Brian France, are mulling their options over with investment bank Goldman Sachs to identify a potential deal for the company, although no sale is imminent.
Rumors NASCAR could be for sale swirled in February with media giant Comcast linked to the sport's sanctioning body which also owns its own digital media network; negotiates major pacts for the sport, including media rights; and oversees the sport's charter system, per Sports Business Journal.
While International Speedway Corporation (ISC) and Speedway Motorsports (SMI) own the majority of tracks used by NASCAR in its Cup Series schedule, the France family does have a controlling stake in ISC.
If the France family decides to sell its stake in ISC as well as in NASCAR, the addition of 12 tracks including Daytona, Talladega and Homestead-Miami in the sale could rival Formula One's $8 billion sale to Liberty Media over two years ago.