NASCAR still looking to expand, says chairman
Updated: 2007-11-28 10:42
NEW YORK - International Speedway (ISC) was still considering adding tracks in New York and Seattle and remained interested in the Denver market, NASCAR chairman Brian France said on Tuesday.
 NASCAR Chairman Brian France speaks at the Reuters Media Summit in New York, November 27, 2007. [Agencies] |
Last December, ISC abandoned efforts to develop a New York track on Staten Island, and did the same in the Seattle area four months later.
But France told the Reuters Media Summit: "You're going to have some two-steps-forward, one-back mentality and we have had that. New York, Seattle, Denver, all are markets that are interesting to us, in particular New York.
"Staten Island is not an option, but that doesn't mean there aren't others," he said, adding that ISC is looking at alternatives.
However, he cautioned the projects could take years to complete.
"If you look at any stadium development, in particular ours because we need so much real estate, they take 10 or 15 years sometimes to get fully developed," France said.
The France family owns NASCAR (National Association for Stock Car Auto Racing), as well as about 62 percent of the voting stock of ISC, a leading owner of race tracks including the home of the Daytona 500 in Florida.
NASCAR suffered from declining television ratings and flat attendance this season, which just ended with driver Jimmie Johnson winning his second consecutive Nextel Cup championship.
France said NASCAR was not in talks with another automaker about joining the top Nextel Cup racing series.
"We get inquiries," he said. "We're the biggest opportunity in North America to showcase your products as a manufacturer, so naturally we get a lot of consideration from different people, but nothing is imminent."
Japan's Toyota Motor Corp began racing cars on the Nextel circuit this year, three years after joining the truck circuit. It joined U.S. automakers General Motors Corp, Ford Motor Co and Chrysler LLC.
France added that he was not worried that the U.S. automakers, who have seen sales and market share slide amid slumping U.S. demand, will curtail spending on NASCAR.
He said that such spending is often among the last cuts the manufacturers make, and cuts elsewhere may actually free up more money for the racing programs.
"The NASCAR relationship, which most of them have had for 30 or 40 or 50 years, continues to be one of their biggest invested assets," France said.
He also dismissed the idea that his family would sell any part of their racing company.
"I can't imagine a scenario where that would happen. We're committed to the business," he said.
Talk of a possible sale began in Europe with a report that a European investment firm was interested in buying NASCAR from the France family.
France has said the death earlier this year of his father, Bill France, who helped build the sport's national following, sparked the speculation.
"There are too many stakeholders relying on us to bring in private equity or somebody else that would maybe look at the business differently and the sport differently than it should be. We are not for sale," he added.
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