Is NASCAR For Sale?
The majority owners of NASCAR are reportedly looking for a potential deal for the company.
According to Reuters, the owners of NASCAR, the France family, are working with investment bank Goldman Sachs Group Inc. which could see NASCAR acquiring to new owners. The sources cautioned, however, that the deliberations are at an exploratory stage and no agreement of any kind is certain. The family is said to be exploring options that include selling a majority stake.
Since NASCAR is a privately-held company, it doesn’t disclose its earnings. But the series has been struggling in recent years due to an aging fan base, stricter safety rules, and more media options that have made NASCAR less attractive to advertisers.
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Sources say NASCAR could be worth billions of dollars, although there’s no exact valuation for the company that was originally founded in 1948 by Bill France Sr. in Daytona Beach, Florida.
Reuters says International Speedway Corp., which hosts the Daytona 500 and owns 12 of the 23 NASCAR Cup Series tracks, reported a 1.6 percent year-on-year drop in admissions revenue in fiscal year 2017. The company blamed it “substantially” on NASCAR events.
[Source: Reuters]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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wouldn't be surprised. They started going in the wrong direction
Id buy that for a dollar.