NASCAR has submitted an offer to acquire International Speedway Corporation.
The Sanctioning Body revealed on Friday that it submitted a non-binding offer to acquire all outstanding shares of Class A common stock and Class B common stock of the company not already owned by the controlling shareholders of NASCAR itself. Bloomberg reports the offer to be $1.9 billion.
The intention is to combine ISC and NASCAR as one privately run group of companies led by the France family.
International Speedway Corporation owns Auto Club Speedway, Chicagoland Speedway, Darlington Raceway, Daytona International Speedway, Homestead-Miami Speedway, Kansas Speedway, Martinsville Speedway, Michigan International Speedway, ISM Raceway, Richmond Raceway, Route 66 Raceway, Talladega Superspeedway and Watkins Glen International.
NASCAR owns Iowa Speedway in Newton, Iowa.
"In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth," said Jim France, Chairman and Chief Executive Officer of NASCAR. "We believe the industry requires structural changes to best position the sport for long-term success and this offer represents a positive step forward in that direction."
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