12 NASCAR tracks now sit under NASCAR ownership
International Speedway Corporation owns 12 tracks that feature NASCAR races. The company was originally formed by Bill France in 1953, the founder of NASCAR.
However, in recent years, the company was acted independent of the NASCAR sanction.
The ISC company was publicly traded on the stock market. Now, that all changes. As NASCAR is a privately owned company.
NASCAR becomes the proud owners of ISC. The company will return to private ownership with a desisting from NASDAQ.
The move also gives NASCAR far more freedom when it comes to handling track contracts, at least with these tracks.
Comments from executives on the merger between NASCAR and International Speedway Corporation
Jim France will now lead both companies.
“The merger of NASCAR and ISC represents a historic moment for our sport,” Jim France said.
“There is much work ahead of us, but we’re pleased with the progress made to position our sport for success. Delivering for our race fans and partners is job number one and we look forward to doing that better than ever for years to come,” France concluded.
Lesa France Kennedy served as the chairman and CEO under the old structure. Now, she’ll sit as the Executive Vice Chairman.
“This sport has meant so much to our family and we are committed to leading NASCAR through this next chapter of growth,” said Lesa France Kennedy.
“Combining the two companies will allow us to capture the best aspects of both operations. Our stronger organization will allow us to take advantage of the tremendous opportunities to grow the sport over the next decade plus,” France Kennedy concluded.
Steve Phelps was recently promoted to NASCAR President. He will remain in that role of the merged operations.
“With great racing across all of our series, an exciting 2020 schedule on tap, and the Next Gen race car in development, we are better positioned than ever before to lead the sport into a new era of growth,” said Steve Phelps.
“We have a strong, experienced leadership team in place with incredibly dedicated employees at every level throughout our organization. Our best days are ahead of us and our new organization is going to allow us to better deliver great racing to our fans everywhere,” Phelps concluded.
NASCAR Board of Directors
NASCAR Board of Directors: Jim France, Lesa France Kennedy, Mike Helton and Gary Crotty, Chief Legal Officer. Phelps’ direct reports will represent executives with deep industry experience, including Ed Bennett, Executive Vice President & Chief Administrative Officer; Jill Gregory, Executive Vice President & Chief Marketing and Content Officer; Craig Neeb, Executive Vice President & Chief Innovation Officer; Steve O’Donnell, Executive Vice President & Chief Racing Development Officer; and Daryl Wolfe, Executive Vice President & Chief Operations and Sales Officer. In addition, Helton and John Saunders will serve as senior advisers under the new leadership structure.
It’s took a large group of organizations to make this merger happen. Goldman, Sachs & Co. LLC served as exclusive financial adviser and Baker Botts L.L.P. as legal counsel. Dean Bradley Osborne Partners LLC served as financial adviser and Wachtell, Lipton, Rosen & Katz as legal counsel to the ISC special committee. Saul Ewing Arnstein & Lehr LLP served as legal counsel to ISC and BDT & Company served as financial advisers to the France family.
Active ISC Tracks: Auto Club Speedway; Chicagoland Speedway; Darlington Raceway; Daytona International Speedway: Homestead-Miami Speedway; Kansas Speedway; Martinsville Speedway; Michigan International Speedway; ISM Raceway; Richmond Raceway; Talladega Superspeedway; Watkins Glen International (Route 66 Raceway is also an active drag strip)
Inactive/Active ISC Tracks: Nazareth Speedway; Rickingham Speedway; Pikes Peak International Raceway; Tucson Raceway Park;
NASCAR, ISC reach merger agreement (May 2019)
Brian France steps down as NASCAR CEO
Ferko lawsuit explained; Which led the the loss of Rockingham Speedway