France family is exploring a potential sale of its majority stake in NASCAR, according to Reuters
The family with majority ownership of NASCAR is exploring options, including the sale of its majority stake, according to a Reuters report.
The France family, which has controlling interest in NASCAR, is working with Goldman Sachs to identify a potential deal for the company, three sources told Reuters.
The deliberations are at an exploratory stage, and no agreement of any kind is certain, according to Reuters.
The potential move comes as the U.S. auto racing series struggles with an aging fanbase, dropping attendance, and the loss of advertisers and sponsors, Reuters says.
NASCAR and Goldman Sachs declined to comment.
NASCAR could attract interest from media companies and private equity firms, according to Reuters’ sources. The company’s exact valuation could not be established, though the sources said it could be worth several billions of dollars.
NASCAR was founded in 1948 by Bill France Sr., in Daytona Beach, Florida.
The sport peaked in popularity in the 1990s, but as its fanbase grew older, the number of younger consumers declined, driving down TV ratings.
But, Reuters says, there is still a great deal of competition between broadcasters, technology companies, and cable operators for live sports rights as advertisers seek events that viewers want to watch in real-time.