Memo: France family ‘dedicated’ to sport After big step forward, Capitals thinking ahead
CHARLOTTE, N.C. — If NASCAR is for sale, the France family isn’t saying.
An attempt to calm employees about the future of the struggling familyowned racing series came Tuesday from NASCAR President Brent Dewar, but his memo said only that there would be no comment on “industry rumors.”
It’s long been whispered that NASCAR could be on the block and Chairman Brian France has become markedly less visible since the end of last season. Most public duties are now handled by Dewar, who addressed employees about a report a day earlier that Goldman Sachs had been retained to explore a potential sale for the France family.
The France family, which owns a majority stake in the nation’s top auto racing series, “remains dedicated to the long term growth of our sport,” Dewar wrote in the memo obtained by The Associated Press from a person who shared it on condition of anonymity.
The memo did not specifically address any possible deal by the France family.
“For over 70 years, the France family has worked hard to invest in the sport of NASCAR, including our recent acquisitions of ARCA,” Dewar wrote, referring to the recent purchase of the Automobile Racing Series of America, a lower-tier stock car series that sometimes races in conjunction with NASCAR events.
NASCAR has seen ratings and attendance decline in recent seasons and several big-name sponsors have scaled back or pulled out. Lowe’s, the only sponsor seven-time champion Jimmie Johnson has had in his 18-year career, is leaving at the end of the season. Home Depot, Target, Subway, Dollar General and scores of other sponsors have already exited racing.
Title sponsor Monster Energy signed just a oneyear extension through 2019 and NASCAR has said it is re-evaluating its sponsorship structure.
Team owners seemed surprised by Monday’s report from Reuters citing unidentified sources that the family wished to explore a sale. One owner, who spoke to AP on condition of anonymity, said France firmly told owners in recent months the series was not for sale. Two weeks earlier, at Talladega Superspeedway, a different team owner told AP he believed the family would listen to offers for NASCAR.
Television ratings have continued to drop over the past decade and the retirements of Jeff Gordon, Dale Earnhardt Jr., Tony Stewart, Danica Patrick and Carl Edwards may have contributed to fans tuning out. But at-track attendance has also suffered and the three public companies that own tracks where NASCAR races are held have all reported attendance revenue declines.
Despite its woes, NASCAR remains “one of the strongest brand franchises in America,” said Larry Chiagouris, a marketing professor at Pace University of New York. “Seeking to get a measure of its value now is a smart idea because we are witnessing the merging of entertainment and advertising assets at a pace not seen in several years. There could be many potential buyers, particularly media conglomerates and, yes, even some of the tech titans that could incorporate NASCAR into larger marketing and media programs and initiatives.”
Greg Portell, lead partner at global consulting firm A.T. Kearney, based in Chicago, said it was possible NASCAR’s owners are simply getting feedback on its value. He agreed that private firms or big entertainment companies would make the most sense as a buyer, “an AEG or an IMG.”
“From an outsider’s view looking at NASCAR, their value proposition to marketers for a long time was, we have great visibility, we have great enthusiastic fans and that’s why you should spend money,” he said.
NASCAR was founded in 1948 by Bill France Sr., and handed down to his sons, Bill France Jr., and Jim. The current structure has Bill France Jr.’s son, Brian, running NASCAR, while his daughter, Lesa, controls International Speedway Corp., the sister company that owns many of the venues. Jim France runs the IMSA sports car series. Lesa France and Jim France remain largely behind the scenes, while Brian France has been the face of the family. The exact ownership stake has never been revealed.
Because of changes made under Brian France’s leadership— to the cars, the championship structure, the schedule, the rules and many other updates — the hardcore fan base views him as a polarizing figure.
The Capitals kept trying to downplay their own forgettable playoff history, the one pockmarked with disappointment and despair.
Still, they couldn’t run from it.
No one bore the weight more than Alex Ovechkin. All the goals in the world — and the star forward is at over 600 and counting now — couldn’t take the sting away from the endless cycle of postseason runs that ended far too soon.
“It’s so hard to move forward,” Capitals coach Barry Trotz said. “It’s always thrown in your face, everywhere you turn. I know it’s thrown in Ovi’s face and he’s a great player in this league.”
He’s also one who is finally headed to a conference final with a team few expected to make it this far.
The Capitals advanced to the Eastern finals for only the third time since the franchise’s inception in 1974 with a 2-1 overtime victory in Game 6 against the twotime defending Stanley Cup champion Penguins on Monday night in Pittsburgh, a victory secured by Evgeny Kuznetsov’s breakaway 5 minutes, 27 seconds into the extra period.
“It feels (as if ) something is over,” Kuznetsov said. “It’s pretty hard to speak.”
Maybe because the Capitals’ long-held role as playoff fodder for the Penguins is over. They beat the Penguins in the playoffs for only the second time in 11 tries by playing a disciplined style dictated by Trotz, one that focuses on responsibility at both ends of the ice.
“I don’t want to lie — it tastes a little bit better (beating the Penguins),” Kuznetsov said. “You know, I never focus on the history; I only focus game by game, (but) it feels very nice. (When) you keep playing hockey, it’s unbelievable.”
The Capitals now meet the Lightning, against whom they went 1-1-1 in three regular-season meetings, the last one a 4-2 loss Feb. 20 at home. The Capitals team celebrating Monday night in a locker room that was equal parts joyous and relieved doesn’t look much like that earlier one.
Looming large has been goalie Braden Holtby, who is 8-3 since Trotz reinstated him as the starter following a brief demotion. Holtby said the Capitals have only one thing in mind.
“Our main goal is still the Stanley Cup,” he said. “The third round isn’t the Stanley Cup.”
Holtby gets no argument from Trotz.
“We beat the Pittsburgh Penguins and they’re a hell of a hockey team,” Trotz said. “(But) we’re only halfway. We haven’t done anything yet.” AP