DAYTONA BEACH, Fla. – The merger between the International Speedway Corp. and NASCAR is expected to close on Oct. 18.
The International Speedway Corp. recently delivered a written communication to NASDAQ stating that it has called a special meeting of shareholders on Oct. 16 for the purpose of voting to approve the merger.
NASCAR and the International Speedway Corp. announced plans to merge in May of this year, which would take NASCAR private. International Speedway Corp. owns 12 tracks that host NASCAR events, including Daytona Int’l Speedway, among others.
The France family, descendants of NASCAR founder Bill France Sr., are the majority owners of both NASCAR and the International Speedway Corp. Jim France is the current chairman and CEO of NASCAR.
Speedway Motorsports Inc., which owns eight tracks that host NASCAR events, recently went private after Sonic Financial Corp. agreed to acquire all oustanding common stocks not already owned by Sonic. Bruton Smith, the founder of Speedway Motorsports Inc., owns and controls Sonic Financial Group with his family.