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May 09, 2018/ 8:08

Breaking Report: France Family Explores Sale Of NASCAR

Breaking Report: France Family Explores Sale Of NASCAR

The France family, the majority owners of NASCAR, are exploring options related to the sale of the US stock car racing series, according to reports by Reuters.

While deliberations are early and no agreement is certain, the France family is said to be working with investment bank Goldman Sachs Group Inc to identify a potential sale of the majority stake of NASCAR.

Both parties have declined to comment.

NASCAR was founded in 1948 by Bill France Sr. in Daytona Beach, Florida, following a meeting with influential stock car racing representatives. France was the head of NASCAR until retiring in 1972. His son Bill France Jr. took the reins until his retirement in 2000 following a cancer diagnosis.

The France family has remained in control of NASCAR since, with France’s grandson Brian France currently serving as CEO. Other members of the France family include Jim France, the chairman of the International Speedway Corp., and Lesa Kennedy, the CEO of the International Speedway Corp.