NASCAR’S Leaders Address Concerns About Its Future
Charlotte, N.C. – Days after NASCAR ran its 11th race of the 2018 season at the Dover International Speedway, questions about the stability of the racing organization surfaced when a Rueters report connecting the France family, that owns a majority stake in the nation’s top auto racing series, to investment bank Goldman Sachs
The president of NASCAR told employees Tuesday the France family “remains dedicated to the long term growth of our sport” following a report of a possible sale.
President Brent Dewar sent a memo to staff one day after a media report said the France family was exploring a potential sale of its NASCAR holdings. The Associated Press received a copy of the memo from a person who shared it on condition of anonymity due to the sensitive nature of the topic.
Dewar wrote in the memo that NASCAR does not comment on “industry rumors” but did not specifically address a possible deal by the France family.
“For over 70 years, the France family has worked hard to invest in the sport of NASCAR, including our recent acquisitions of ARCA,” Dewar wrote, referring to the recent purchase of the Automobile Racing Series of America, a lower-tier stock car series that sometimes races in conjunction with NASCAR events.
NASCAR has struggled with recent ratings and attendance declines and several big-name sponsors have scaled back or pulled out. Lowe’s, the only sponsor seven-time champion Jimmie Johnson has had in his 18-year career, is leaving at the end of the season. Home Depot, Target, Subway, Dollar General and scores of other sponsors have already exited racing.
(the Associated Press contributed to this post)