Daytona Beach, FL – After today’s meeting, NASCAR and the International Speedway Corporation are now one company, operating under the NASCAR name.
According to a release from the Daytona International Speedway, the company will now be led by Jim France, who will serve as the Chairman and CEO, with Lesa France Kennedy as Executive Vice Chair.
Steve Phelps has been appointed as the President and will oversee all operations of the merged company.
“The merger of NASCAR and ISC represents a historic moment for our sport,” France said. “There is much work ahead of us, but we’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.”
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 the financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to ISC’s special committee. Saul Ewing Arnstein & Lehr LLP served as legal counsel to ISC and BDT & Company served as financial advisors to the France family.
The company also announced that ISC has been delisted from the NASDAQ. The headquarters will remain in Daytona Beach.
The merger between the two companies was originally announced back in May of this year with a $2 billion price tag.