The majority owners of NASCAR are reportedly looking for a potential deal for the company.
According to Reuters, the owners of NASCAR, the France family, are working with investment bank Goldman Sachs Group Inc. which could see NASCAR acquiring to new owners. The sources cautioned, however, that the deliberations are at an exploratory stage and no agreement of any kind is certain. The family is said to be exploring options that include selling a majority stake.
Since NASCAR is a privately-held company, it doesn’t disclose its earnings. But the series has been struggling in recent years due to an aging fan-base, stricter safety rules, and more media options that have made NASCAR less attractive to advertisers.
Sources say NASCAR could be worth billions of dollars, although there’s no exact valuation for the company that was originally founded in 1948 by Bill France Sr. in Daytona Beach, Florida.
Reuters says International Speedway Corp., which hosts the Daytona 500 and owns 12 of the 23 NASCAR Cup Series tracks, reported a 1.6 percent year-on-year drop in admissions revenue in fiscal year 2017. The company blamed it “substantially” on NASCAR events.
this article first appeared on AutoGuide