DAYTONA BEACH, Fla. (Nov. 9, 2018) – NASCAR today announced that it has submitted a non-binding offer to acquire all outstanding shares of Class A common stock and Class B common stock of International Speedway Corporation (“ISC”) not already owned by the controlling shareholders of NASCAR. The intention is to combine ISC and NASCAR as one privately run group of companies led by the France family.
“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, Chairman and Chief Executive Officer, NASCAR. “We believe the industry requires structural changes to best position the sport for long-term success and this offer represents a positive step forward in that direction.”
NASCAR has retained Goldman Sachs & Co. LLC as its financial advisor and Baker Botts as its legal counsel in connection with the negotiation and consummation of a mutually acceptable transaction, and BDT & Company is serving as financial advisor to the France family. NASCAR’s offer will be reviewed by a special committee of independent ISC board members advised by independent legal and financial advisors. In the interim, NASCAR and ISC will continue to operate separate as independent entities working to deliver great racing experiences to our fans everywhere.
The outcome of this prospective offer will not impact the France family’s long-term commitment to the sport, nor its interest in maintaining its current ownership in ISC, as the France family is not interested in selling its shares of ISC at this time.
About NASCAR
The National Association for Stock Car Auto Racing, Inc. (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States. NASCAR consists of three national series (Monster Energy NASCAR Cup Series™, NASCAR Xfinity Series™, and NASCAR Camping World Truck Series™), three regional series, one local grassroots series, three international series and the Automobile Racing Club of America (ARCA). The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. Based in Daytona Beach, Fla., with offices in eight cities across North America, NASCAR sanctions more than 1,200 races in more than 30 U.S. states, Canada, Mexico and Europe. For more information visit www.NASCAR.com and www.IMSA.com, and follow NASCAR on Facebook, Twitter, Instagram, and Snapchat (‘NASCAR’).
Contact:
Jon Schwartz
NASCAR Integrated Marketing Communications
(347) 794-9633
