NASCAR's Founding Family Explores Sale

The France family, which owns a controlling stake in the NASCAR racing series, has hired Goldman Sachs to identify potential buyers for the organization.

Multiple media reports say the process is in the preliminary stage. NASCAR officials declined to comment.

NASCAR’s sanctioning body was founded in 1948 by Bill France Sr., who died in 1992. He was succeeded as CEO by his son Bill France Jr., who retired in 2000 and died seven years later.

NASCAR is now run by Bill Jr.’s son Brian France. But he sold his share in the company years ago. The bulk of the ownership now is believed to be held by Brian’s sister Lesa France Kennedy and their uncle Jim.

After years of growth that peaked in the late 2000s, NASCAR’s popularity has plunged. A steady decline in attendance and television viewership is attributed to the sport’s aging fan base, stricter safety rules and a competitive media landscape.

Several long-time popular drivers also have retired in recent years, including Jeff Gordon, Tony Stewart and Dale Earnhardt Jr. And this year’s Daytona 500 was Danica Patrick’s final NASCAR race.

Despite the recent falloff, analysts expect any sale of NASCAR would attract bids in the range of several billion dollars. This is based on Liberty Media Corp.’s purchase of the Formula One racing series last summer for about $4.5 billion.

In addition to the Monster Cup series, NASCAR operates the second-tier Xfinity Series and third-tier Camping World Truck Series. Last month the company purchased the Automobile Racing Club of America, which had long been affiliated with NASCAR but operated independently.

NASCAR’s lucrative 10-year television pact with Fox and NBC runs through the 2024 season. Monster took over as the title sponsor of the top Cup series in 2017 but isn’t expected to renew the contract beyond its last one-year extension that expires at the end of the 2017 season.

The majority of NASCAR races—including the Daytona 500—are run on tracks owned by International Speedway Corp. and Speedway Motorsports Inc. ISC is a publicly traded company in which Jim and Lesa each own about one-third shares. Jim is chairman and Lesa serves as CEO.