NASCAR has announced the successful closure of its $2 billion acquisition of International Speedway Corporation (ISC), merging its operations into one, new company moving forward.
The merger, which was announced in May and won shareholdersâ€™ approval on Wednesday, brings under NASCARâ€™s control 12 tracks that include Daytona, Talladega and Miami-Homestead Speedway.
The new company will remain based in Daytona Beach, Florida and will continue as NASCAR. As part of this process, ISC has been delisted from NASDAQ.
In leading the new, combined company, Jim France will serve as the chairman and chief executive officer, with Lesa France Kennedy as executive vice chair. Steve Phelps has been appointed president and will oversee all operations of the merged entity.
â€œThe merger of NASCAR and ISC represents a historic moment for our sport,â€ France said. â€œThere is much work ahead of us, but weâ€™re pleased with the progress made to position our sport for success. Delivering for our race fans and partners is job number one and we look forward to doing that better than ever for years to come.â€
The merger represents an important step forward for NASCAR as the sport creates a unified vision to embrace its long history of exciting, family-oriented racing experiences while developing strategic growth initiatives that will drive the passion of core fans and attract the next generation of race fans.
â€œThis sport has meant so much to our family and we are committed to leading NASCAR through this next chapter of growth,â€ said France Kennedy. â€œCombining the two companies will allow us to capture the best aspects of both operations. Our stronger organization will allow us to take advantage of the tremendous opportunities to grow the sport over the next decade plus.â€
As part of the new organization, the board of directors will consist of France, France Kennedy, Mike Helton and Gary Crotty, chief legal officer. Phelpsâ€™ direct reports will represent executives with deep industry experience, including Ed Bennett, executive vice president & chief administrative officer; Jill Gregory, executive vice president & chief marketing and content officer; Craig Neeb, executive vice president & chief innovation officer; Steve Oâ€™Donnell, executive vice president & chief racing development officer; and Daryl Wolfe, executive vice president & chief operations and sales officer. In addition, Helton and John Saunders will serve as senior advisors under the new leadership structure.
â€œWith great racing across all of our series, an exciting 2020 schedule on tap, and the Next Gen race car in development, we are better positioned than ever before to lead the sport into a new era of growth,â€ said Phelps. â€œWe have a strong, experienced leadership team in place with incredibly dedicated employees at every level throughout our organization. Our best days are ahead of us and our new organization is going to allow us to better deliver great racing to our fans everywhere.â€
Advising NASCAR on this transaction were Goldman, Sachs & Co. LLC as exclusive financial advisor and Baker Botts L.L.P. as legal counsel. Dean Bradley Osborne Partners LLC served as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to the ISC special committee. Saul Ewing Arnstein & Lehr LLP served as legal counsel to ISC and BDT & Company served as financial advisors to the France family.