The majority owners of NASCAR are now exploring a possible sale after over a decade of declining race attendance and revenue.
According to Reuters, “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.”
The Reuters report when on to say that “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.”
NASCAR was originally founded by Bill France Sr. in 1948. Grandson Brian France is the series’ current CEO and Chairman.
While the official headquarters of NASCAR is in Daytona Beach, FL, the NASCAR Media Group, including productions, digital, and NASCAR.com is headquartered in Uptown Charlotte, along with the majority of marketing, communications and strategy departments, and the NASCAR Hall of Fame.
Over 80% of NASCAR teams are also based around the Charlotte region (mostly in Welcome, Mooresville, and Concord).
While a new NASCAR owner would have the ability to move Charlotte-based operations, such a move would undoubtedly cause negative ripples in the industry’s already strained culture, especially given Charlotte’s deep roots with the sport.
What are your thoughts about the possible sale of NASCAR?