Published: Fri, May 24, 2019
Sport | By Kayla Schwartz

NASCAR set to merge with International Motorsports Inc

NASCAR set to merge with International Motorsports Inc

The company owns and/or operates 12 racing facilities that are part of the NASCAR schedule, according to its website.

Late previous year, NASCAR began acquiring the stock in International Speedway, which owns a majority of the NASCAR-sanctioned tracks.

ISC also announced that a class-action lawsuit that had been filed against it after NASCAR and ISC announced last November plans to merge will be dropped.

International Speedway also owns Michigan International Speedway in Brooklyn, Michigan and the Chicagoland Speedway.

"We are pleased with the progress that the negotiation and execution of the merger agreement between NASCAR and ISC represents", said NASCAR officials in a prepared statement. Per the announcement, the deal is expected to be complete sometime in 2019. "While important regulatory and shareholder approval processes remain, we look forward to the successful final resolution of this matter and continuing our work to grow this sport and deliver great racing experiences for our fans everywhere".

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With the merger, NASCAR will take over the twelve tracks, while NASCAR's own Iowa Speedway, which hosts Xfinity and Gander Outdoors Truck Series races, will join the group. "Our family is committed to it". As NASCAR-owned venues, flexibility in scheduling will be easier to attain, especially as track contracts are set to expire by 2021. Layoffs began after the start of the year and many longtime employees, some who had started with the company under Bill France Jr., were let go.

Brian France's uncle, Jim France, ran ISC and the IMSA sports auto series for years before taking over as NASCAR chairman last August following Brian France's arrest on drunken-driving charges.

The consideration to be paid to ISC's shareholders, other than certain controlling shareholders of ISC and certain related entities, will be $45 in cash per share of ISC Class A Common Stock and ISC Class B Common Stock.

With NASCAR private, it won't have to publicly report attendance revenue and other financials as ISC had to do as a publicly traded company.

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