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THE FRANCE FAMILY PUTS NASCAR UP FOR SALE - TEN YEARS TOO LATE.
Monday, May 7, 2018 at 10:25PM By Peter M. DeLorenzo
Detroit. According to a report by Reuters, the France family has hired Goldman Sachs to explore selling a majority stake in NASCAR, the family business. This was somewhat of a surprise, but not really. Recent reports have suggested that the France family and the owners of Speedway Motorsports - the company founded by Bruton Smith - were teaming up to make a bid to buy the Carolina Panthers.
So, here we are. The iconic family business that was founded by "Big Bill" France and powered into greatness by Bill France Jr, and then damn near run into the ground by Brian France, has been put on the block for sale. Except that the peak for NASCAR was in 2007 and the fact that the France family brain trust would completely miss the opportunity to get the maximum amount for its enterprise is really no surprise to anybody. After all, the particular brand of serial incompetence as practiced by Brian France is legendary, and he is singularly responsible for NASCAR's current state.
For those who care, it has been excruciating to watch as the long, downward spiral for NASCAR has accelerated over the last half-decade. Dwindling in-person attendance, a precipitous loss of sponsors, TV ratings that are shockingly low and going lower by the year, the ugly reality is that NASCAR's prime has long since passed. I have no idea how any corporate entity would be interested in buying into NASCAR, unless they can do a buy-in with mere cents on the dollar.
NASCAR isn't the vibrant, colorful, roughneck sport that it once was in its heyday, and there's no turning back time, either. This is a different digital world, and the demands for people's attention from all media seem to multiply exponentially by the hour. When the France family and its operatives sold out NASCAR's soul in the name of greed and profitability - and expansion - the die was cast. The attendance will never go up. The TV ratings will continue to slide, and NASCAR's viability on the sports landscape will continue to diminish.
Paraphrasing Mr. T., I pity the fools who actually think NASCAR is worth pursuing.
And that's the High-Octane Truth for this week.
Phil Hill (No. 38 Scuderia Ferrari 156) leads Richie Ginther (No. 36 Scuderai Ferrari 156) in the 1961 Grand Prix of Monaco. Ginther finished second, Hill was third and Stirling Moss (No. 20 Lotus 18-Climax) won, delivering the first F1 victory for Lotus.