The France family founded NASCAR in 1949, and has owned it ever since.
A new era reportedly could be on the horizon, however.
NASCAR’s majority owners are exploring the possibility of selling the company, Reuters reported Monday, citing sources. The France family, in particular, is working with Goldman Sachs Group to identify a potential deal.
In recent seasons, NASCAR has struggled to generate both attendance and TV ratings. Some of that is due to a lack of star power on the track, but attracting young viewers is an issue that many entertainment companies, not just NASCAR, currently are facing.
“In a time period that is attractive for live event and live entertainment, NASCAR has struggled,” BTIG analyst Rich Greenfield told Reuters. “There is absolutely a desire to own rather than license content but everything has a price.”
When asked by Reuters for a comment, NASCAR spokeswomen Steph Harris said, “We do not have anything to add.” Goldman Sachs elected to decline comment.
If NASCAR indeed sells in the near future, it will be the second major motorsports company to do so in recent years. Liberty Media purchased Formula One for $4.4 billion two years ago, ending Bernie Ecclestone’s long-running tenure as CEO.
Thumbnail photo via Peter Casey/USA TODAY Sports Images
Powered by WordPress.com VIP