France family explores sale of NASCAR

(TNS) — Members of the France family are looking into the possibility of selling their majority interest in NASCAR according to a report by Reuters on Monday that cited unnamed sources.

The racing sanctioning body has been controlled by the family since it founded by Bill France in 1948. Bill France’s grandson, Brian France, is now chairman and CEO.

A Wall Street Journal report last year said Brian France has sold his shares in the privately owned company. His uncle, Jim France, and sister, Lesa France Kennedy, still hold shares and must approve major changes.

Reuters reported the Frances are working with Goldman Sachs to identify a potential buyer and that the effort is at an exploratory stage, with no deal certain. The sources asked not to be named because the talks are confidential.

Reuters said possible buyers could be media companies and private equity firms.

The report said NASCAR had no comment.

NASCAR has seen steady declines in attendance and television ratings for its premier Cup Series over the last five years.

NASCAR’s television agreements with Fox and NBC expire in 2024 and the sanctioning body recently signed a one-year Cup Series sponsorship extension with Monster Energy with the intent of moving toward a different model not dependent on one main sponsor.

NASCAR last week announced acquisition of the midwestern Automobile Racing Club of America, which sanctions a second-tier stock-car series.

Jim France is also chairman and Lesa Kennedy is also CEO of International Speedway Corporation, which owns 12 tracks that host races in NASCAR’s premier Cup Series.