Nascar is looking to bring in minority partners, according to Forbes.
In early May it was reported that the France family, the majority owners of the US stock car racing series, were exploring options that include selling their stake in the company.
However, Forbes says that sources close to Nascar have confirmed the majority stake is not being sold.
Currently, Brian France is the chief executive and chairman of Nascar, while Jim France and Lesa France Kennedy are executive vice presidents.
The family also has reach into the International Speedway Corporation (ISC), which owns 13 of the tracks on which Nascar hosts 19 major racing events. Lesa France Kennedy is the chief executive of ISC, and Jim France is the chairman.
Forbes report that, given the tight connections between ISC and Nascar, seeking out minority investment makes more sense.
The news comes at a time when Nascar’s popularity has dipped, with both TV ratings and attendances declining in recent years, which has made the series less attractive to advertisers and sponsors.
Nascar is thought to be an attractive proposition for media companies and private equity firms, and sources have estimated that the property could be worth several billions of dollars.