NASCAR closes $2B purchase of International Speedway Corp.
DAYTONA BEACH, Fla. (AP) — NASCAR closed its $2 billion purchase of International Speedway Corp. on Friday, bringing under the sanctioning body’s control 12 tracks that include Daytona, Talladega and Miami-Homestead Speedway.
The merger was announced in May and shareholders voted to approve it on Wednesday.
The sale merges the two companies under one organizational structure with NASCAR chairman and CEO Jim France continuing in the same role. ISC chief executive Lesa France Kennedy will become the executive chair and NASCAR president Steve Phelps will oversee day-to-day operations of the merged companies.
“The merger of NASCAR and ISC represents a historic moment for our sport,” France said. “There is much work ahead of us, but we’re pleased with the progress made to position our sport for success.”
Absent from the leadership is Brian France, who had served as chairman and CEO of NASCAR until he was arrested for drunken driving in August 2018. He took an indefinite leave of absence that soon become permanent, though France stands to receive more than $71 million for his ISC shares.
The merged company will remain based in Daytona Beach, Florida.
“This sport has meant so much to our family and we are committed to leading NASCAR through this next chapter of growth,” France Kennedy said. “Combining the two companies will allow us to capture the best aspects of both operations. Our stronger organization will allow us to take advantage of the tremendous opportunities to grow the sport over the next decade plus.”
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This story has been updated to correct year of drunken driving incident to 2018.