NASCAR open to outside equity investments, more international expansion

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When former NASCAR CEO Brian France stepped down in 2018, Phelps got his chance to run NASCAR after more than a decade as one of the top marketing and business leaders at the sanctioning body. Phelps got to work on a bevy of initiatives meant to freshen up the brand, increase the relevancy of NASCAR and arrest declines in key performance indicators. That‘s included everything from schedule innovation, reconnecting with the grassroots of racing, implementing more aggressive marketing, bringing NASCAR into the streaming age, and striking a litany of licensing relationships at a time when racing apparel has become fashionable as streetwear again.

Last year, as part of a broader restructuring, Phelps told NASCAR employees that he‘d be working more on the global expansion of NASCAR-owned racing properties while COO Steve O‘Donnell took on a greater share of day-to-day responsibilities. NASCAR has been privately owned by the France family since its founding in 1948, but with private equity money and sports funds flooding into the sector as sports becomes an asset class, and with the sanctioning body looking to grow globally at a quick pace, Phelps said NASCAR could take on such an investment. It is believed to be the first time NASCAR has confirmed that it‘s open to selling a stake in the privately owned company, though Reuters reported in 2018 that NASCAR had hired Goldman Sachs to explore a sale in the company.

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Phelps said that when it comes to possible global expansion, it makes sense not only for teams, but also for NASCAR itself, to look at outside money, something that would be historic in a sport that has only ever known the Frances as the owners of the sanctioning body. He also conceded that he thinks NASCAR needs to pick up the pace when it comes to making international moves.

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Over the last couple years, NASCAR has been linked with possible races in Canada, Brazil and Saudi Arabia, while domestically, the racing property has been talking with locales across the U.S. about hosting a street race, including in the New York City area and San Diego.

It‘s also held talks with entities in the Pacific Northwest, including Denver and Seattle, at a time when rival racing property IndyCar is said to be in talks to race in Denver. Phelps said Europe is also in the mix.