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NASCAR has submitted a non-binding offer to acquire all Class A and Class B common shares of International Speedway Corp. which are not already owned by the majority shareholders of the racing series.
The intention is to combine ISC and NASCAR into a group of private companies led by the France family. ISC has 12 tracks across the country hosting NASCAR Cup races, including the Daytona International Speedway.
Jim France, chief executive officer of NASCAR, said the two companies needed a unified approach to growth. Attendance and ratings on television have fallen in recent years and teams struggle to find very expensive sponsorships.
"We believe that the sector needs structural changes to best position the sport for long-term success and this offer represents a positive step in this direction," France said on Friday.
The NASCAR bid will be reviewed by a committee composed of members of the SAI Board of Directors. NASCAR and ISC will continue to operate independently for the moment.
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