NASCAR will buy the International Speedway Corporation in a deal worth an estimated $2 billion, the Associated Press reports.
The deal, through which shareholders will reportedly receive about $45 per share, should close by the end of 2019.
“We are pleased with the progress that the negotiation and execution of the merger agreement between NASCAR and ISC represents,” a NASCAR statement read. “While important regulatory and shareholder approval processes remain, we look forward to the successful final resolution of this matter and continuing our work to grow this sport and deliver great racing experiences for our fans everywhere. With a strong vision for the future, the France family’s commitment to NASCAR and the larger motorsports industry has never been greater.”
This move should make schedule changes easier to map out in the future, and as a private company it will no longer have to provide attendance revenue and other financial details.
ISC owns 13 tracks, 12 of which host NASCAR races: Auto Club Speedway, Chicagoland Speedway, Darlington Raceway, Daytona International Speedway, Homestead-Miami Speedway, ISM Raceway, Kansas Speedway, Martinsville Speedway, Michigan International Speedway, Richmond Raceway, Talladega Superspeedway and Watkins Glen International.
Eight other Cup Series tracks are owned by Speedway Motorsports Inc., and the remaining tracks – Dover International Speedway, Indianapolis Motor Speedway and Pocono Racway – are privately owned.
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Now the screw-ups really start. ROI!
All about the Benjamin’s.
Go for it NASCAR! If you want to be head of the circus, you need to own all 3 rings!
Smart move by the France family. As the ratings continue to drop, they got rid of their tracks at a decent price and, they now get to hide the books from the public. It would have been very hard to go get that price, as a whole or individually in today’s declining NASCAR
Environment. Looking forward, if NASCAR decides to sell itself it just became a lot easier.. Since they sold to themselves essentially, the sale most definitely will be set up to benefit both entities tax wise. Write offs galore. Very smart move France family.
very well put.
That was my first thought, that they sold it to themselves. Does the SECURITY and EXCHANGE COMMISSION (SEC) have to approve this purchase/sale? This sounds/looks like collusion involving the France family to cook the books. I don’t really care what they want to do. They made and developed it themselves. I always thought it was the same people running both corporations anyway.
And the worse is yet to come
If they had any sense they’d sell Auto Club to LA real estate developers; turn Chicagoland back into cornfields; and Kansas back into wheat fields. Then end the 25 year disaster at Indianapolis. A boy can dream, right?