NASCAR buys Michigan International Speedway parent company

News
NASCAR_Daytona_500_Auto_Racing_90796-159532.jpg69742453

Denny Hamlin (11) crosses the finish line to win a NASCAR Daytona 500 auto race at Daytona International Speedway, Sunday, Feb. 17, 2019, in Daytona Beach, Fla. (AP Photo/John Raoux)

NASCAR is buying International Speedway, the parent company of Michigan International Speedway, for $2 billion.

The merger was announced today.

In addition to owning Michigan International Speedway, International Speedway Corp. owns some of America’s most well known car racing facilities including the Daytona International Speedway and in Florida, where the company is based, and the Talladega Superspeedway in Alabama.

The companies said Wednesday that deal is expected to close this year.

The deal comes a year after reports suggested the France family, known as the “first family” of NASCAR racing, was looking to sell it. Reports that have not been specifically addressed by the current leadership, including Lesa France Kennedy, an executive vice president and the CEO of International Speedway Corp.  

NASCAR late last year began acquiring the remaining public stock in International Speedway, which owns a majority of the NASCAR-sanctioned tracks. Layoffs began after the start of the year and many longtime employees, some who had started with the company under Bill France Jr., were let go.  

NASCAR could, at minimum, be seeking investors. The silence has only fueled speculation.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

StormTracker 6 Radar