ISC late Friday filed its proxy statement to the U.S. Securities & Exchange Commission to begin the process of regulatory approval for NASCAR’s acquisition of the track operator. The filing came 30 days after NASCAR announced that it reached a deal with non-France family shareholders of ISC, who had to agree to the purchase. The filing is a formality but it was hundreds of pages long and included a trove of information about not just the acquisition but also the overall business of NASCAR and ISC. Among the revelations in the filing was that NASCAR Owners Jim France and Lesa France Kennedy threatened to end the bid in late March when the ISC special committee that represented the non-France shareholders demanded $46 per share to accept the deal. NASCAR’s initial bid in November was $42, and the sides eventually agreed on $45.
The filing also reveals that ISC is projecting NASCAR’s new media-rights deal in ’25 to range anywhere from 25% less to 40% more in value than the current Fox/NBC deal, which brings in an average of $820M annually through ’24. Other revelations included a breakout of how former NASCAR chairman and CEO Brian France would divest his stake in the family business, and ’19 NASCAR attendance figures, which are usually not made public.
