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France family considering sale of NASCAR?

UPDATE: NASCAR President Brent Dewar has told employees the France family “remains dedicated to the long term growth of our sport.”

The memo was sent to employees on Tuesday, one day after a media report said the France family was exploring the sale of its stake in the nation’s top auto racing series. The Associated Press received a copy of the memo from a person who shared it on condition of anonymity due to the sensitive nature of the topic.

Dewar wrote in the memo that NASCAR does not comment on “industry rumors” but did not specifically address a possible deal by the France family, which holds the majority of NASCAR stock.

NASCAR has struggled with recent ratings and attendance declines and several big-name sponsors have scaled back or pulled out.

Associated Press

Original post: 5-7-2018 The majority owners of NASCAR, the company which operates the namesake U.S. car-racing series and other motorsport events, are exploring options including the sale of a majority stake, people familiar with the matter said on Monday.

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, the sources said, cautioning that the deliberations are at exploratory stage and no agreement of any kind is certain.