He said that in early 2018, his family decided to consolidate the NASCAR industry in an effort to jump-start efficiency and transformation. The sanctioning body ultimately purchased International Speedway Corp. for $2 billion, a deal that closed last October, but France said there were other avenues to go about consolidation. He did not further clarify them, but industry executives have long predicted that the sport will eventually consolidate all of its tracks into one entity.
There was also widespread speculation throughout 2018 that the France family was exploring a possible sale of NASCAR. It was working with Goldman Sachs to pursue possible suitors, but nothing became of that. NASCAR President Steve Phelps said earlier this month that NASCAR is not for sale.
France said it was around this time that he contemplated stepping down from his leadership role. He said he was actively talking to and identifying potential replacements before his ouster, but didn’t specify who. NASCAR declined comment on the topic, and it could not be determined through industry sources how serious these discussions were.
Ultimately, Jim France took over, and Brian said he remains in close touch with his uncle, among other NASCAR executives. Jim France attends NASCAR’s races nearly every week, which is a stark difference from Brian, who received heavy criticism over the years from some industry members and fans for rarely being at the track at a time when many felt the sport needed public demonstrations of leadership.
In reflecting on his leadership, France proudly stressed what is easily his greatest accomplishment — signing multiple media deals such as the 10-year, $8.2 billion agreements with Fox Sports and NBC Sports that last through 2024 and solidified NASCAR’s standing in the sports industry. He also was the architect of many of its groundbreaking sponsorship agreements, and the sport continues to benefit from the billions of dollars’ worth of revenue from deals he helped orchestrate. While pointing to that, he was also eager to defend his leadership style and push back on the perceptions that he wasn’t actively engaged in the day-to-day efforts around the sport.
“I understand that kind of criticism, but there is no other sports league that gets any criticism like that,” said France, of the time he spent at the track. “I’ve always found that a bit interesting that no one else asks another commissioner how many football games or practices he made.”
While many in the sport felt France seemed removed from the responsibilities of leadership, France believed that based on the goals he set for the company and his focus on the commercial side, his physical presence at the track was not required on a weekly basis. He took exception to criticism that his absence at the track meant NASCAR wasn’t communicating enough with the industry, noting that NASCAR formed unprecedented councils for tracks, drivers, teams and car manufacturers on his watch.
France said that while Jim France attends more races to match up with his goals, “[It] didn’t match up with mine, so I had to take the criticism on my way to managing the commercial side.”
.and they get a little slap on the hands. Typical.
