International Speedway Corp. owns 12 tracks that host NASCAR races, including Daytona International Speedway, Darlington Raceway and Homestead-Miami Speedway. The consideration to be paid to ISC's shareholders (other than certain controlling shareholders of ISC and certain related entities (the "Participating Shareholders")) will be $45.00 in cash for each share of ISC Class A Common Stock and ISC Class B Common Stock.
NASCAR's move for full ownership of International Speedway Corporation is going ahead. As NASCAR-owned venues, flexibility in scheduling will be easier to attain, especially as track contracts are set to expire by 2021.
NASCAR is buying International Speedway Corporation in a deal worth about $2 billion, an agreement announced as a merger Wednesday on the ISC website.
FBN's Dagen McDowell interviews NASCAR President Steve Phelps about how he plans to bring attendance up and reignite the sport's fan base. NASCAR's five-year sanctioning agreement with tracks ends after next season.
This means that NASCAR acquires ISC.
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In a letter Sonic sent to the SMI board of directors, the company noted: "NASCAR racing has faced several challenges in recent years, and the company has been impacted by these challenges".
Brian France's uncle, Jim France, ran ISC and the IMSA sports vehicle series for years before taking over as NASCAR chairman last August following Brian France's arrest on drunken-driving charges.
In a statement issued on November, Jim France explained the rationale for merging the two companies: "In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth". It's so important that we remember that this is still a family business.
TALLADEGA, AL - APRIL 28: Cars race during the Monster Energy NASCAR Cup Series GEICO 500 at Talladega Superspeedway on April 28, 2019 in Talladega, Alabama.
The intention is to "combine ISC and NASCAR as one privately run group of companies led by the France family", NASCAR said in a press release.