NASCAR 'pleased' with $2B deal with ISC | AP business


ISC owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond Raceway® in Virginia; Auto Club Speedway of Southern California near Los Angeles; Kansas Speedway® in Kansas City, Kansas; ISM Raceway near Phoenix, Arizona; Chicagoland Speedway® and Route 66 Raceway near Chicago, Illinois; Homestead-Miami Speedway in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in SC; and Watkins Glen International® in NY.

"With a strong vision for the future, the France family's commitment to NASCAR and the larger motorsports industry has never been greater". ISC shareholders will receive $45 per share, a news release announcing the agreement stated.

NASCAR announced today that they will be sinking over $2 billion dollars in the purchasing of two of the sports most iconic race tracks. As NASCAR-owned venues, flexibility in scheduling will be easier to attain, especially as track contracts are set to expire by 2021. NASCAR President Steve Phelps has stated that the schedule is among the areas the sanctioning body is looking at making changes. NASCAR already owns Iowa Speedway, which doesn't host Cup Series races but plays host to both the NASCAR Xfinity and NASCAR Gander Outdoors Truck Series.

NASCAR Chairman Jim France told competitors in the drivers meeting before the Daytona 500 that "this sport was built by families and we're just a part of it".

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International Speedway owns some of America's most infamous vehicle racing tracks, including the Daytona International Speedway in Florida, where the company is based, and the Talladega Superspeedway in Alabama. The stock, which traded as low as $35.18 in October previous year, jumped into that range when Nascar disclosed its November bid. Smith and his family also own Sonic Financial Corp. "Our family is committed to it".

Adding the physical assets now owned by ISC would improve NASCAR's appeal to potential private investors.

Many big sponsors have left NASCAR - Cup Series title sponsor Monster Energy is in its final year - and television ratings hit all-time lows at 26 events last season.

With NASCAR private, it won't have to publicly report attendance revenue and other financials as ISC had to do as a publicly traded company.