A letter sent to NASCAR employees declined to address “industry rumors” that the racing series is up for sale, saying that its owners remain “dedicated” to the sport.
NASCAR Chairman Brian France and his family, who own a majority stake in America’s most popular auto racing series, are reportedly exploring a sale as the sport looks to reverse declines in track attendance and TV ratings. In the internal memo sent Tuesday, NASCAR President Brent Dewar assured employees that the France family is focused on its long term growth, a source familiar with the letter confirmed to FOX Business.
“For over 70 years, the France family has worked hard to invest in the sport of NASCAR, including our recent acquisitions of [the Automobile Racing Series of America],” Dewar wrote.
The letter was first reported by the Associated Press.
Reuters reported earlier this week that the France family is working with Goldman Sachs to search for potential deals. A sale of the family’s controlling stake in NASCAR is one of the options under consideration. However, talks remain in an exploratory stage, the report said.
A NASCAR sale could be worth billions of dollars. In 2017, Liberty Media purchased Formula 1 for $8 billion including debt.