NASCAR takes over 12 tracks in $2B purchase

NASCAR

DAYTONA BEACH, Fla. — NASCAR closed its $2 billion purchase of International Speedway Corp. on Friday, bringing under the sanctioning body’s control 12 tracks that include Daytona, Talladega and Miami-Homestead Speedway.

The merger was announced in May, and shareholders voted to approve it on Wednesday.

The sale merges the two companies under one organizational structure with NASCAR chairman and CEO Jim France continuing in the same role. ISC CEO Lesa France Kennedy will become the executive chair, and NASCAR president Jim Phelps will oversee day-to-day operations of the merged companies.

Absent from the leadership is Brian France, who had served as chairman and CEO of NASCAR until he was arrested for drunken driving in August 2008. He took an indefinite leave of absence that soon become permanent, though France stands to receive more than $71 million for his ISC shares.

The merged company will remain based in Daytona Beach, Florida.

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