NASCAR attempting to take over ISC and make the race track company private has been well documented in recent months. Now, it appears the Smith family is wanting to do the same with it’s race track company Speedway Motorsports Inc.
According to a report from NBC Sports’ Dustin Long, Sonic Financial Corp. (a holding company owned by the Smith family) has sent an offer of $18/share to acquire the outstanding shares. The stock closed at $13.94 on Tuesday, so it’s a fair offer for the shares at their current price point.
SMI owns and operates eight tracks which currently have NASCAR Cup Series race dates.
If both ISC and SMI achieve the goal of going private that would certainly open them up to be more agile for NASCAR schedule changes without worrying about effects to shareholders or how they would vote on the matter.
Toby is the Founder, Editor and go-to man for TobyChristie.com. He is also the co-host of The Final Lap Weekly Podcast. Additionally, Toby is a NMPA (National Motorsports Press Association) award winning writer, and has followed NASCAR as a fan since 1993.