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Jun 29, 2018/ 9:09

Report: France Family Not Selling Majority NASCAR Stake

Report: France Family Not Selling Majority NASCAR Stake

Control of NASCAR is not for sale, according to a recent report by Forbes.

Reuters first broke news in early May that the France family, the majority owners of the US stock car racing series, are exploring the sale of the racing entity.

Several sources close to the matter, however, report that while the majority stake is not for sale, NASCAR is looking for minority partners.

The France family currently holds the majority stock beyond the publicly traded NASCAR stock. The family also has ties to the International Speedway Corporation (ISC), which owns 13 of the tracks that NASCAR regularly visits throughout the year.

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.