There are many questions racing fans have about the new ownership of NASCAR. How will this change the sport? Will there even be a NASCAR anymore? We decided to dive into this question and figure out exactly what happened.
Who Is Behind The New Ownership Of NASCAR?
It is no secret that NASCAR has been struggling for many years. Ratings have plummeted, and the sport has seemingly gone bankrupt more than once. In 2018, it was reported that NASCAR was looking for a buyer for its whole company. One of the buyers that emerged was a group led by John C. Malone, a media and telecom magnate. For those unfamiliar, John C. Malone is a very well-known entrepreneur and investor. Forbes has estimated his net worth to be around $15 billion. In other words, he is not your typical NASCAR buyer.
But even with Malone’s billions, he and his group didn’t have enough money to purchase NASCAR for itself. Instead, they put in a combined $10 million to hire an investment bank to help them structure a deal with TV broadcaster and track owner, Rick Hendrick. Hendrick was responsible for many of NASCAR‘s greatest moments and is one of its most recognizable faces. The new owners were able to negotiate an increase in the value of NASCAR from $2.5 million to $25 million. This was due in large part to the COVID-19 pandemic, which increased automobile sales and therefore the demand for tracks like NASCAR‘s own speedway.
How Does Malone Plan To Revolutionize NASCAR?
The biggest change fans will notice is that NASCAR is switching to a completely digital platform for all its broadcasts, which will be led by former NFL executive Brian Grazer. The goal is to make the whole process more efficient and cost-effective. According to Malone, this will help attract more viewers, which could potentially boost ratings and therefore the value of NASCAR.
Malone also plans to increase pay gaps between the drivers and the owners, which will hopefully create more dramatic racing and increase fan engagement. He has also said that he wants to incorporate more entertainment and pop culture into the broadcasts. For example, he would like to do away with the current practice of having analysts break down the race weekend’s results by driver and instead have guest commentators come on-air during the race to provide analysis on current events and popular culture.
Finally, Malone would like to see more young people engaged with the sport. This is particularly important because NASCAR traditionally has had a young audience. According to Malone, his group will work to ensure that all children, regardless of their economic status, can afford to attend a race. They also want to see more women interested in racing and feel that this could be a way to combat some of the stereotypes associated with the sport.
When Does All This Happen?
Although Rick Hendrick and TV broadcaster, Brad Paisley, have not officially confirmed that they will be stepping down from their posts at NASCAR, the signs have been there for a while. In early 2021, Hendrick confirmed that he would be handing over the sport to Malone and his group. Then, Brad Paisley, who has been the host of the Brickyard 400 for the past 20 years, announced he was stepping down due to health concerns. The Brickyard is one of NASCAR’s biggest and most beloved events due to its close connection with the superstar country music host. Just this year, the race was delayed by several days due to the pandemic. So if the race is delayed, what will happen to the rest of the season?
Well, not everyone will have to wait that long. After learning about the COVID-19 pandemic and the resulting impact it would have on the racing world, NASCAR decided to postpone the entire schedule, as well as any related activities, including the Brickyard. This was done in an effort to protect the health of its fans, drivers, crew members, and staff. The hope is that once the world returns to some semblance of normalcy, people will be able to get back out on the tracks. Unfortunately, there is no telling when that will be.
The Impact On The Fans
The biggest impact fans will notice is that the racing itself will change. With fewer races and more virtual competitions, fans may see lower speeds, less overtaking, and more of a chess match than a NASCAR race. This is due, in part, to the risk of COVID-19 associated with traveling to a race. But many fans will miss the smell of petroleum in the air. Despite the pandemic and only being able to watch through streaming services, they may still tune in just to see what is happening at the track.
Certainly, not everyone will be able to experience NASCAR the way it was before the pandemic. But for those who do, they will notice a big difference. And if they watch closely, they might just see a little bit of NASCAR in all of us.