NASCAR seeking stock buy of International Speedway Corp.
DAYTONA BEACH, Fla. (AP) — NASCAR has submitted a non-binding offer to acquire all Class A and Class B common stock of International Speedway Corp. not already owned by the controlling shareholders of auto racing series.
The intent is to combine ISC and NASCAR as one privately run group of companies led by the France family. ISC owns 12 tracks across the country that host NASCAR Cup races, including Daytona International Speedway.
Jim France, chairman and CEO of NASCAR, said the two companies need a unified approach for growth. Attendance and television ratings have dropped in recent years and teams are struggling to find high-dollar sponsorship.
"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," France said Friday.
NASCAR's offer will be reviewed by a committee of ISC board members. NASCAR and ISC will continue to operate independently for now.