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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.

 

 

NASCAR America: Bubba Wallace on qualifying: ‘It’s our job to cheat the system’

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Much of the talk in NASCAR this week has been around the controversial final round of Cup qualifying at Auto Club Speedway, which saw no drivers make a qualifying run after they left pit road too late to make a lap.

Bubba Wallace didn’t advance to the final round, but he’s been in a similar situation. In 2014 at Michigan, Wallace was in the Gander Outdoors Truck Series race at ACS’ sister track. Qualifying for that event ended with only one truck, driven by Ryan Blaney, reaching the start-finish line in time to make a lap.

“It’s our job to cheat the system,” Wallace said on NASCAR America presents Motormouths. “In today’s world, with the package and how it works out, if you’re the front car, you’re the tow. You’re the tow truck. You’re towing everybody else behind you. You’re at a disadvantage. No one wants to be at a disadvantage.

“So we’re going to cheat the system until they do something about it. Then we’re going to find a new way to cheat the new system.”

Watch the above video to see Wallace discuss more about how he fared during the West Coast Swing.

Updated entry lists for Cup, Truck at Martinsville

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Here are the entry lists for this weekend’s races.

Cup – STP 500 (2 p.m. ET Sunday on Fox Sports 1)

Thirty-six cars are entered for the sixth Cup race of the year. D.J. Kennington is listed in the No. 77 Spire Motorsports entry.

Jeb Burton is entered in Rick Ware Racing’s No. 52 Ford.

Click here for the entry list.

Gander Outdoors Truck – Martinsville 250 (2 p.m. ET Saturday on Fox Sports 1)

Thirty-nine trucks are entered. Those also entered in the Cup race are Kyle Busch, Austin Dillon and Ross Chastain. Bubba Wallace is entered in AM Racing’s No. 22 truck.

Click here for the entry list.

NASCAR America Motormouths at 5 p.m. ET with Bubba Wallace

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Today’s episode of NASCAR America presents Motormouths airs from 5-6 p.m. ET on NBCSN.

Rutledge Wood hosts with Kyle Petty and they’ll be joined by special guest Bubba Wallace.

Fans will have the chance to call into the show to ask questions.

If you can’t catch today’s show on TV, watch it online at http:/nascarstream.nbcsports.com. If you plan to stream the show on your laptop or portable device, be sure to have your username and password from your cable/satellite/telco provider handy so your subscription can be verified.

Once you enter that information, you’ll have access to the stream.

Click here at 5 p.m. ET to watch live via the stream.

Indy 500 analyst role part of looking forward for Danica Patrick

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It’s been 10 months since Danica Patrick last competed in an auto racing event and she is completely fine with that.

Patrick was last seen in a cockpit in last May’s Indianapolis 500, part of her mini-retirement tour from racing that also included a run in the Daytona 500.

Now she’ll be back at the track, serving as an analyst for NBC’s broadcast of the 103rd Indy 500 on May 26.

It will be an interlude to her post-racing career.

“I really don’t miss racing,” Patrick said during a teleconference Wednesday.  “I’m really happy. I selfishly set out (with) the intention I wanted to travel a lot. I’ve definitely done that. Also working on my other businesses.”

Without racing, Patrick is able to look over her “Warrior” clothing line and her Somnium wine. She’s also been a host of ESPN’s Espy Awards show.

“I’m not a look-back kind of person, I’m a look-forward (person),” Patrick said. “This is something that’s part of looking forward. This is something totally new and different for me. It’s coming at a place where I have a lot of history, but it hasn’t been my job, which is why I’m going to work really hard to make sure I’m ready, like anything else I do that’s different.

Since retiring, Patrick said she watches racing “when I can.”

“I’m not going to lie, I’m happy doing what I’m doing,” Patrick said. “It’s allowed me new opportunities like this.”

This won’t be the first time Patrick has served in an analyst role for a race. She did the same for some Xfinity Series race broadcasts in the last few years of her NASCAR career.

“It’s very good to have had that experience,” Patrick said. “Obviously I was giving my driving experience sort of perspective and that insight, which is something I’m going to be doing again. But it was a guest spot.

“This is firm and established, part of a small team of two with Mike (Tirico) and I. I think there’s going to be a lot more preparation involved, I’m going to need to know a lot more information.”

Patrick said there will be one difference in her Indy 500 experience this year compared to the eight times she competed in the “Greatest Spectacle in Racing.”

“I didn’t purposely look at the buildup of the day,” Patrick said. “I didn’t want to see the fans rolling in, all the pomp and circumstance. I really liked to keep it quiet. I wanted to just walk out there and have it be the event, not let myself get built up too much in my head with nerves, just the platform, the iconic event that it was, the millions of people. I just wanted to stay focused and go do it.

“This time, I’m sure I will see the buildup. I’m sure I’ll see the place fill in and turn from a quiet, peaceful, magical place, (and) at the shot of a cannon it’s going to start unraveling. That will be a cool perspective for me that I purposely haven’t really watched closely.”

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