NASCAR $2 billion merger with ISC in USA
29 May 2019
NASCAR has reached a $2 billion merger agreement with the International Speedway Corporation (ISC), granting the organisation control of twelve key racetracks in the USA.
The agreement gives NASCAR control over a total of 12 ISC tracks which host events on its schedule, including Daytona, Talladega Superspeedway and Homestead-Miami Speedway.
ISC shareholders will receive $45 per share in the deal, set to close later this year pending approval from non-controlling shareholders. The France family, which has controlled NASCAR for decades, will maintain control of the combined entity.
"We are pleased with the progress that the negotiation and execution of the merger agreement between NASCAR and ISC represents" NASCAR said in a statement. "While important regulatory and shareholder approval processes remain, we look forward to successful final resolution of this matter and continuing our work to grow this sport and deliver great racing experiences for our fans everywhere."
The merger comes as NASCAR contends with a downturn in its business with TV ratings and event attendance having fallen in recent years. NASCAR is said to be considering changes to its rigorous race schedule to jumpstart fan interest.