DAYTONA BEACH, Fla. — NASCAR has submitted a non-binding offer to stock owners to acquire all outstanding shares of Class A common stock and Class B common stock of International Speedway Corp. not already owned by NASCAR controlling shareholders.
The intention is to combine ISC and NASCAR as one privately run group of companies led by the France family.
“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, chairman and CEO of NASCAR. “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.”
The International Speedway Corp. is a privately traded company that owns and operates 13 motorsports facilities, including Daytona Int’l Speedway, Talladega (Ala.) Superspeedway and Darlington (S.C.) Raceway, among others. ISC also owns the Motor Racing Network, an independent sports radio network with a heavy focus on motorsports.
According to the International Speedway Corp. website, the company derives approximately 90 percent of its revenue from NASCAR-sanctioned racing events.
The board of directors includes several prominent figures, including three members of the France family, Jim France, Lesa France Kennedy and Brian France. Jim France also serves as the chairman of the board and Lesa France Kennedy is ISC’s CEO.
NASCAR has retained Goldman Sachs & Co. LLC as its financial advisor and Baker Botts as its legal counsel in connection with the negotiation and consummation of a mutually acceptable transaction, and BDT & Company is serving as financial advisor to the France family.
NASCAR’s offer will be reviewed by a special committee of independent ISC board members advised by independent legal and financial advisors.
In the interim, NASCAR and ISC will continue to operate separate as independent entities working to deliver great racing experiences to our fans everywhere.
NASCAR indicated that the outcome of the offer will not impact the France family’s long-term commitment to the sport, nor its interest in maintaining its current ownership in ISC. NASCAR says the France family is not interested in selling its shares of ISC at this time.