ISCA - International Speedway Corp: A Story Of Secular Declines And Conflicts Of Interest

Introduction

International Speedway Corp (ISCA) is in the business of promoting, NASCAR, a sport in secular decline through a medium in secular decline (cable/network TV). Conflicts of interest in its ownership/governance structurally handicap the stock’s public float, which I believe meaningfully limits upside in the stock. Here’s why: The France Family owns NASCAR (private company) and a controlling stake in ISCA (~42% economic/~74% voting). ISCA owns the real estate (tracks), and NASCAR owns its brand and controls negotiations of the TV rights agreements that comprise the majority of financial benefit accruing to NASCAR