Getty Images

NASCAR makes offer to purchase International Speedway Corp.

3 Comments

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.

 

 

Today’s Cup race at Miami: Start time, lineup and more

Getty Images
1 Comment

The NASCAR season comes to a close today with the Cup Series finale at Homestead-Miami Speedway.

Kyle Busch, Kevin Harvick, Joey Logano and defending champion Martin Truex Jr. will decide the title.

Whoever has the best finish, wins the championship.

Here’s all the info you need for the season finale.

(All times are Eastern)

START: Actor Josh Dallas of NBC’s “Manifest” will give the command to start engines at 3:11 p.m. The green flag is scheduled to wave at 3:20 p.m.

DISTANCE: The race is scheduled for 267 laps (400.5 miles) around the 1.5-mile speedway.

STAGES: Stage 1 ends on Lap 80. Stage 2 ends on Lap 160.

PRERACE SCHEDULE: Garage opens at 9 a.m. Driver/crew chief meeting is at 12:30 p.m. Driver introductions are at 2:30 p.m. Moment of silence for David Pearson at 3:03 p.m.

NATIONAL ANTHEM: Sr. Master Sergeant Ryan Carson will perform the anthem at 3:05 p.m.

TV/RADIO: NBC will broadcast the race beginning at 3 p.m. Coverage begins at 1 p.m. with NASCAR America on NBCSN and switches to NBC at 1:30 p.m. Countdown to Green beings at 2 p.m. on NBC. Motor Racing Network’s radio broadcast begins at 1:30 p.m. and also can be heard at mrn.com. SiriusXM NASCAR Radio will have MRN’s broadcast.

FORECAST: wunderground.com calls for partly cloudy skies with a high of 82 degrees and no chance of rain at the start of the race.

LAST TIME: Martin Truex Jr. led the final 51 laps to win the race and championship over Kyle Busch.

STARTING LINEUP: Click here for the complete starting grid.

Tony Stewart says JGR made ‘very smart decision’ on pit stall picks

Leave a comment

Tony Stewart, whose organization will compete against Joe Gibbs Racing for the Cup title Sunday, said he has no problems with JGR’s decision to have Denny Hamlin’s team not take the No. 1 pit stall so Kyle Busch, who is racing for the crown, can have it.

Hamlin’s team had the first pick of pit stalls after winning the pole but did not choose the No. 1 stall since that team is not running for a title. Busch, who starts second and whose team had the second pick, then took the No. 1 stall.

MORE: Denny Hamlin reacts to giving up the No. 1 pit stall to Kyle Busch

MORE: Cup pit stall assignments

“It’s a smart decision,” said Stewart, who will have Kevin Harvick racing for the Cup crown Sunday. “If we were in the same position, I would hope we would be smart enough to do the same thing. I’ve already seen all the drama and the people complaining either way.

“These four teams are here to win a championship and if your organization can help you do that and give you every tool available to get that done, you’re stupid to not do it.

“I’m behind what JGR did 100 percent. You have to do that. You have to put yourself in the best position to win the race and the championship. They made a very, very smart decision.”

Car owner Joe Gibbs defended his decision because Busch is running for a championship and Hamlin.

“We’re going to do everything we can to win the race there, but we also, for us, have a championship on the line and what we would love to do is win that championship,” Gibbs said. “That’s how the decision was made for us.

“I think if there is any criticism, it goes to me.”

Xfinity race results, final point standings after Miami

Leave a comment

Tyler Reddick claimed the Xfinity Series title with his win in Saturday’s season finale.

Reddick led 44 laps, including the final 37, on his way to his third career win.

Reddick beat Cole Custer, John Hunter Nemechek, Daniel Hemric and Austin Cindric.

Christopher Bell finished 11th, a lap down after he pit with 10 laps to go for a flat tire.

Click here for Xfinity race results

Elliott Sadler ended his final full-time season fifth in the standings.

Click here for Xfinity points report

Tyler Reddick wins Xfinity race in Miami, championship

Leave a comment

Tyler Reddick won Saturday’s Xfinity race at Homestead-Miami Speedway to claim the Xfinity Series championship.

The win is the first for the JR Motorsports rookie since he won the season opener at Daytona.

Reddick led 44 of 200 laps and defeated Cole Custer (second), Daniel Hemric (fourth) and Christopher Bell (11th) for the title.

Custer led a race-high 95 laps but lost the lead in the final stage during green-flag pit stops after he stayed out a few laps longer than Reddick and Bell.

Reddick took the lead when he passed Bell out of Turn 4 with 37 laps to go. He spent nearly the entire final run driving against the outside wall.

“The year wasn’t the smoothest for us, but I knew coming in here if we just made it to Homestead, this is a great track for me,” Reddick told NBCSN. “It rewards my aggression. Tonight we hit the wall a lot, but the car kept in one piece long enough to get to the end.”

The race was Reddick’s last for JRM before moving to Richard Childress Racing for 2019.

Bell, who won a rookie record seven races this season, had to pit for a flat tire with 10 laps to go.

“We just weren’t good enough,” Bell told NBCSN. “Bottom line, I wasn’t fast enough. Once the tires started wearing away, those guys just drove right back by me.”

STAGE 1 WINNER: Cole Custer

STAGE 2 WINNER: Cole Custer

MORE: Race results, points report

ROOKIE OF THE YEAR: With his title, Tyler Reddick also claimed the Rookie of the Year award over Christopher Bell.

OWNERS TITLE: Cole Custer’s second place finish earned Stewart-Haas Racing the owners championship.

WHO HAD A GOOD RACE: John Hunter Nemechek led 52 laps and finished third … Ryan Preece placed sixth in his last start for Joe Gibbs Racing … Ross Chastain placed 16th in his last start for JD Motorsports before moving to Chip Ganassi Racing full-time in next season.

WHO HAD A BAD RACE: Elliott Sadler finished 14th, a lap off the lead in his final full-time start after he pit with 20 laps to go for a vibration … Caesar Bacarella placed 34th after he spun on the final lap of Stage 1.

NOTABLE: Tyler Reddick is the first driver to win the first and last race of the season in the Xfinity Series … All three of JR Motorsports’ Xfinity titles have come with the No. 9 car … Reddick joins Chase Elliott (2014) and William Byron (2017) as the third rookie to win the title … Reddick gave crew chief David Elenz his second consecutive Xfinity title after he won with Byron last year.

QUOTE OF THE RACE No. 1: “We just stuck to our plan. I’m not honestly second-guessing it. Our lap times over the course of the race, we were as good as we were the whole race at the end of the race. (Tyler Reddick) found a lot of speed at the end.” – Crew chief Jeff Meendering to NBC Sports on the pit strategy to not stop immediately after Tyler Reddick made his final stop.

QUOTE OF THE RACE No. 2: “I couldn’t do it. I don’t know, I think that’s just something I need to practice I guess. I’m at a loss for words for that.” Cole Custer to NBCSN on not being able to catch Tyler Reddick in the closing laps while running against the wall.

WHAT’S NEXT: The 2019 season opener at Daytona International Speedway on Saturday, Feb. 16.