Monday, May 7, 2018

France Family Exploring Possible Sale of #NASCAR?

France Family Exploring Possible Sale of #NASCAR?
The majority owners of NASCAR, the company that operates the U.S. stock-car racing series, are reportedly exploring options that include the sale of a majority stake, it was reported Monday by Reuters News Service. 

France Family Exploring Possible Sale of NASCAR

The move comes as NASCAR grapples with an aging fan base, stricter safety rules and a competitive media landscape that have weighed on its popularity and made it less attractive to advertisers and sponsors.

The France family, which controls NASCAR, is working with investment bank Goldman Sachs Group Inc (GS.N) to identify a potential deal for the company, three sources said, cautioning that the deliberations are at exploratory stage and no agreement of any kind is certain.

NASCAR was founded by Bill France Sr. 70 years ago.
NASCAR was founded by Bill France Sr. 70 years ago. Grandson Brian France is the series current CEO and Chairman. NASCAR officials told USA TODAY Sports that they have no comment on the report.

NASCAR has struggled since the boom years of the 1990s and early 2000s with a shrinking fan base and falling TV ratings. However, several aging race tracks have undergone multi-million dollar renovations in recent years to make them more fan-friendly.

However, NASCAR could attract interest from media companies and private equity firms, according to the sources. The company’s exact valuation could not be established, though the sources said it could be worth several billions of dollars.

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