Nascar has confirmed its acquisition of International Speedway Corporation (ISC) in a US$2 billion merger.
First agreed in May, the deal now gives the US stock car racing series control of all ISC venues that stage events on its schedule. ISC owned 13 tracks, which collectively hosted 19 of the 36 events on Nascar’s premier Monster Energy Cup Series. As well as those, Nascar now owns Iowa Speedway, which hosts Xfinity and Truck races.
The new company will continue to be called Nascar, with ISC being delisted from the Nasdaq stock exchange. Jim France will serve as the chairman and chief executive, with Lesa France Kennedy as executive vice chair. Steve Phelps has been appointed president and will oversee all operations.
Along with France, the board of directors will consist of Mike Helton, France Kennedy and Gary Crotty, chief legal officer. Helton and John Saunders will serve as senior advisors under the new leadership structure.
With the move now finalised, Nascar will look to use its new acquisition to develop strategic growth initiatives as part of a ‘unified vision’ to satisfy its core fans and attract the next generation of supporters.
France said: “The merger of Nascar and ISC represents a historic moment for our sport. There is much work ahead of us, but we’re pleased with the progress made to position our sport for success. Delivering for our race fans and partners is job number one and we look forward to doing that better than ever for years to come.”
Phelps added: “We have a strong, experienced leadership team in place with incredibly dedicated employees at every level throughout our organisation. Our best days are ahead of us and our new organisation is going to allow us to better deliver great racing to our fans everywhere.”