Steve Phelps reveals France family is set to sell NASCAR stakes to private investors
NASCAR president has declared that the France family is open to selling some of their stakes in the stock car arcing series to private investors.
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Steve Phelps (Via IMAGO)
The France family is the private owner of NASCAR since 1948, when Bill France Sr. built the premier stock car racing organization from the ground up. They developed the sport from a regional series to one of the biggest racing championships in the world, while keeping their iron clad control in the whole operation.
But now it seems they are ready to lose some control, with the globalization of the sport being one of the primary goals. Recently NASCAR President Steve Phelps has shared his feelings private equity investment to the sport. He revealed that the there are significant influx of PE to the sport over the last six years and the series seems to ready to welcome more of it.
I would suggest that six years ago, regardless of how PE [private equity] comes into sports in this big way, they weren’t looking to the degree they are now at NASCAR. I’ve had many, many conversations myself with these PE firms who are looking to invest in race teams because they want to hear from someone who is out selling it…And they’re buying what we’re selling, which is fantastic.
Steve Phelps said via Sports Business Journal.
He asserted that the PE is good for the sport as it brings more money alongside more bring expertise to the stock car racing series. Them bringing in more sponsors into the sport also is a huge positive.
I believe that PE is good for our sport because they bring money, they bring expertise and they bring sponsors in many cases, so those are all positive things for our sport.
Steve Phelps added.
Kenny Wallace responds to the announcement
Ex-NASCAR racer Kenny Wallace shared his feelings about the announcement via his social media. He pointed out that he has expected the PE to come for a long-time and asserted that finally seeing it materialize is different.
NOW THIS is what we thought was coming for many years. To see it in print is bigger than big. EMERGENCY PRESS CONFERENCE COMING.
Kenny Wallace wrote on X.
NOW THIS is what we thought was coming for many years. To see it in print is bigger than big. EMERGENCY PRESS CONFERENCE COMIMG. 💯💯💯 https://t.co/S8rosgVdAB
— Kenny Wallace (@Kenny_Wallace) February 10, 2025
The comments from Kenny Wallace seems to be something many fans of the sports align with as many are expecting a huge investment to the sport for a long-time. It would be interesting to see how PE is set to play out in the coming years.
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Justin P Joy
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