NASCAR makes offer to purchase International Speedway Corp.

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NASCAR announced Friday that it has submitted a non-binding offer to acquire all outstanding shares of Class A common stock and Class B common stock of International Speedway Corp. not already owned by the controlling shareholders of NASCAR. The intention is to combine ISC and NASCAR as one privately run group of companies led by the France family.

NASCAR has made a bid for a cash purchase price of $42.00 per share. International Speedway Corporation’s stock closed at $39.06 on Friday. The stock price was $35.18 on Oct. 11. The stock has been as high as $49.95 in the last year and as low as $35.12 in that same period.

“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, Chairman and Chief Executive Officer, NASCAR, who also is ISC’s Chairman of the Board. “We believe the industry requires structural changes to best position the sport for long-term success and this offer represents a positive step forward in that direction.”

The France Family Group controlled approximately 74.2 percent of the combined voting power of the outstanding stock of the company as of Aug. 31.

NASCAR has retained Goldman Sachs & Co. LLC as its financial advisor and Baker Botts as its legal counsel in connection with the negotiation and consummation of a mutually acceptable transaction, and BDT & Company is serving as financial advisor to the France family.

NASCAR’s offer will be reviewed by a special committee of independent ISC board members advised by independent legal and financial advisors. In the interim, NASCAR and ISC will continue to operates as independent entities.

That committee will have J. Hyatt Brown, Larry Aiello, Jr., Larree Renda and William Graves, each of whom is an independent director of the Company, to act on behalf of the Company to consider this proposal.  Brown, ISC’s lead independent director, will serve as the group’s chairman.

“My initial reaction, I think that could eventually lead to flexibility for a schedule,” seven-time Cup champion Jimmie Johnson said of NASCAR’s bid. “Do you shorten the schedule? There’re all these questions. And I think that unity and that collaboration, or those two entities combined would be a step in that direction. It would hopefully open those doors to let those conversations really happen and progress be made. That’s pure speculation, of course, on my part, but that’s where my first thoughts go.”

International Speedway Corp. owns 12 tracks that host NASCAR Cup races, including Daytona International Speedway, Darlington Raceway, Homestead-Miami Speedway and ISM Raceway, where the NASCAR’s three national series are racing this weekend.

 

 

AJ Allmendinger to return to NASCAR Cup Series in 2023

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AJ Allmendinger is getting another shot at success in the NASCAR Cup Series.

Kaulig Racing announced Wednesday that Allmendinger, currently chasing the Xfinity Series championship, will drive full-time in Kaulig entries in the Cup Series next season.

Allmendinger raced in Cup from 2007 to 2018 but won only one time — at Watkins Glen International — across those years. He moved to the Xfinity Series part-time with Kaulig in 2019, winning on the Charlotte Motor Speedway Roval. He won twice in 2020 and five times in 2021 and is a favorite to win the Xfinity championship this year. He has won four Xfinity races this season, including last Sunday at Talladega.

MORE: Hailie Deegan to make Xfinity debut at Las Vegas

Allmendinger, 40, will drive Kaulig’s No. 16 car in Cup next year. Justin Haley will drive the team’s No. 31.

Chandler Smith will replace Allmendinger in the Xfinity Series next year.

“It’s crazy how the last five years of my life have gone,” Allmendinger said. “More than anything, I love this organization. I know the fans get tired of me talking about all the men and women of Kaulig Racing. This is not a race team. This is a huge family.

“There will be tough times and growing pains, for sure. But I love what they’re about, and they believe in me. I’ll be OK whether it’s good or bad.”

MORE: Chase Elliott atop NASCAR Power Rankings

Team owner Matt Kaulig said Allmendinger is “one of the best in the world at every type of track. He’s done so much for Kaulig Racing and our program. He’s a gigantic part of what we’re building.”

Team officials said Allmendinger has a multi-year contract.

 

 

 

 

 

NASCAR viewer’s guide for Charlotte Roval

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Sunday provides a final chance for drivers to advance to the Round of 8 and keep their Cup championship hopes alive.

Talladega winner Chase Elliott is the only driver who has advanced to the next round. That leaves seven spots available going into Sunday’s race at the Charlotte Roval (2 p.m. ET on NBC).

Chase Briscoe holds the final transfer spot by a tiebreaker over Austin Cindric. At least for now.

William Byron is 11 points behind both drivers, but Hendrick Motorsports will appeal Byron’s 25-point penalty from Texas on Thursday. Should Hendrick win and Byron get those points back, he would move into a transfer spot.

There’s just part of what to watch for in Sunday’s race.

Favorites to be No. 20

This season remains tied for the most different winners in series history at 19, but there are a few candidates who could become the 20th different winner this year on Sunday.

Among the favorites to do so:

Ryan Blaney, who came close to winning last week at Talladega, won the inaugural Cup race at the Roval in 2018.

Martin Truex Jr., who has four career Cup wins on road courses, still seeks his first victory of the season.

Michael McDowell, who is coming off a third-place finish at Talladega, has had a career-high 12 top-10 finishes this season, including top 10s in each of the last four road course events this year.

Will history repeat?

Last year, the four drivers eliminated after the Roval were Kevin Harvick, Alex Bowman, Christopher Bell and William Byron.

Harvick was eliminated in the first round this year, but Byron (-11 to the cutline) and Bell (-33) are in jeopardy of being eliminated in this round again. Bowman stated Tuesday that he will miss his second consecutive race because of continued concussion symptoms. He will be among the four eliminated from title contention.

Bowman missed last weekend’s race because of concussion-like symptoms suffered at Texas. A decision on if he’ll be able to race at the Roval will come later this week.

Will chaos continue?

Consider what some of the former Roval winners have endured on their way to the checkered flag:

In 2019, Chase Elliott drove into the Turn 1 wall on a restart while the leader. He recovered to win.

In 2020, Elliott overcame a loose wheel to win for the second year in a row.

In 2021, Kyle Larson won after his team changed batteries and put the alternator belt back on.

Could a similar fate be in store for this year’s winner? Or will they have a cleaner day?

Entry lists

Thirty-nine drivers are entered including IndyCar driver Conor Daly, former Formula 1 driver Daniil Kvyat, former 24 Hours of Le Mans winner Mike Rockenfeller and former 24 Hours of Daytona winner Joey Hand. JJ Yeley will drive the No. 51 for Cody Ware, who stated that he would skip this event because of his ankle injury at Texas the footwork needed on a road course.

Charlotte Roval Cup entry list

The Xfinity entry list includes 41 drivers for 38 spots. Among those joining the series regulars are IndyCar driver Marco Andretti and former F1 driver Daniil Kvyat.

Charlotte Roval Xfinity entry list

This week’s schedule and forecast

(All times Eastern)

Saturday, Oct. 8

Forecast: Partly cloudy with a high of 66 degrees. No chance of rain during the Xfinity race.

  • 10 – 10:30 a.m. — Xfinity practice (NBC Sports App)
  • 10:30 – 11:30 a.m. — Xfinity qualifying (NBC Sports App)
  • 12 – 1 p.m. — Cup practice (NBC Sports App, USA Network coverage begins at 12:30 p.m.)
  • 1 – 2 p.m. — Cup qualifying (USA Network, NBC Sports App)
  • 3 p.m. — Xfinity race (67 laps, 155.44 miles; NBC, Peacock, Performance Racing Network, SiriusXM NASCAR Radio)

Sunday, Oct. 9

Forecast: Sunny with a high of 64 degrees. No chance of rain during the race.

  • 2 p.m. — Cup race (109 laps, 252.88 miles; NBC, Performance Racing Network, SiriusXM NASCAR Radio)

 

Hailie Deegan to make Xfinity debut at Las Vegas

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Hailie Deegan announced Tuesday that she will make her Xfinity Series debut Oct. 15 Las Vegas Motor Speedway on NBC and Peacock.

The 21-year-old Deegan is in her second full-time season in the Camping World Truck Series. She finished a career-high sixth in that series last weekend at Talladega Superspeedway.

She will drive the No. 07 car for SS Green Light Racing with Jeff Lefcourt.

 

 

Alex Bowman to miss Charlotte Roval race

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Alex Bowman announced Tuesday night on social media that he will sit out this weekend’s Cup playoff race at the Charlotte Roval.

Bowman said on social media: “I am continuing to make strides in my recovery to make sure I can return to competition at 100%.”

This will be the second consecutive race he will have missed because of concussion-like symptoms after his crash at Texas Motor Speedway.

Noah Gragson will drive the No. 48 car this weekend for Bowman.

“Alex’s health is our first priority,” said Jeff Andrews, president and general manager of Hendrick Motorsports, in a statement. “We’re focused on supporting his recovery and seeing him back in his race car when the time is right. Alex has a long career ahead of him, so we will invest the necessary time and take our guidance from medical experts. We’re putting no pressure on him to return before he’s 100% ready.”

Bowman will be one of the four drivers eliminated from title contention Sunday.

Also Tuesday, Cody Ware announced that he will sit out this weekend’s Cup race at the Charlotte Roval, as he continues to recover from the ankle injury he suffered at Texas.