The majority owners of US stock car racing series Nascar are exploring options that include selling their stake in the company, according to the Reuters news agency.
Reuters claims three sources said that the France family, which has been in control of Nascar since it was founded by Bill France Sr. in 1948, is working with investment bank Goldman Sachs Group Inc. to identify a potential deal. The report added that the discussions are at an exploratory stage and no agreement of any kind is certain.
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.
If a sale were to materialise, Nascar would hope to benefit from a similar boost experienced by Formula One, which was acquired by Liberty Media at the start of 2017. The new owners have already shaken up the global motorsport series’ management in an attempt to revolutionise the way the sport is presented.
Reuters’ sources said that Nascar could attract interest from media companies and private equity firms. The organisation’s exact valuation could not be established, but the sources estimated that it could be worth several billions of dollars.
Reuters added that both Nascar and Goldman Sachs declined to comment.