NASCAR has sent a non-binding offer to acquire all Class A and Class B shares of International Speedway Corp., which are not already owned by the controlling shareholders in the motorsport series.
The purpose is to combine ISC and NASCAR as a privately-run group of companies led by the France family. The ISC owns 12 courses throughout the country that organizes NASCAR Cup races, including the Daytona International Speedway.
Jim France, CEO and CEO of NASCAR, said the two companies need an overall approach to growth. Presence and TV ratings have decreased in recent years, and teams are struggling to find a high dollar sponsor.
"We believe industry requires structural changes to best position sport for long-term success, and this offer represents a positive step forward in that direction, said France on Friday.
NASCAR's offer will be reviewed by a selection of ISC- board members. NASCAR and ISC will continue to operate independently for now.