Last week began with national news reports speculating that the France family might be looking to sell NASCAR.
Two days later, Lesa France Kennedy, the CEO of International Speedway Corp. and vice chair of NASCAR, reaffirmed her commitment to her hometown at a gathering of local business and community leaders.
Kennedy made her remarks Wednesday evening at the Community Foundation of Volusia & Flagler's 26th annual Herbert M. Davidson Award Dinner where she received the "Outstandng Community Service" honor.
Presenting her with the award was her son Ben, the new general manager of NASCAR's Camping World Truck Services.
Lesa France Kennedy's grandfather, Bill France Sr., led the founding of NASCAR in 1948, while her father, Bill France Jr., grew it into the major sport it is today.
But Kennedy has made tremendous impacts, both on her sport as well as the Daytona Beach area, of her own.
She was twice recognized by Forbes magazine as "The Most Powerful Woman in Sports" and her involvement in the community locally includes serving on the boards of both the charitable NASCAR Foundation, as well as the CEO Business Alliance. The latter is a group of local business leaders dedicated to boosting the local economy by recruiting companies to Volusia County.
A written statement by Kennedy given to The News-Journal on Thursday suggests her and her family's efforts to "give back" to the Daytona Beach area are far from over.
"There is so much for us to be proud of as we continue to work together for the future of Daytona Beach and Volusia County," she wrote.
A look at ISC's most recent annual report underscores that commitment, not just in words, but in actual investments.
The report describes the company's $400 million "Daytona Rising" makeover of Daytona International Speedway two years ago as "one of the most ambitious and important projects in our history."
ISC is currently nearing the completion of the initial phase of its One Daytona entertainment/retail/dining development across the street, which is expected to cost $95 million, as well as a $12 million renovation and modernization of the former Volusia Point shopping center next door, which is being rebranded Shoppes at One Daytona.
"Strategic and prudent reinvestment in our facilities positions ISC for long-term and sustainable growth," the 2017 annual report states, adding, "This plan builds upon the great success we had from the redevelopment of Daytona International Speedway in 2016."
Also encouraging is the annual report's statement that the company believes "elevating the experience at Daytona will continue to drive further growth for the Daytona 500 brand, our 12 other major motorsports facilities' brands and NASCAR's brand."
Bill Navarra, the broker/co-owner of Realty Pros Assured in Ormond Beach who serves as this year's board chair for the Community Foundation, said the foundation selected Kennedy to be the recipient of this year's Herbert M. Davidson Award in January.
"It is not possible to overstate the impact Lesa France Kennedy has had on the world of motorsports and right here at home where we all live," Navarra is quoted saying in the program for the awards dinner. "Lesa has proven her inspirational and ground-breaking commitment to making a better future for her local community."
Strong community ties
Navarra in a phone interview on Thursday said he is not concerned about the speculative national reports regarding the future of NASCAR, which is privately held and solely by the France family.
"This is their home," he said, adding that the family also has a controlling stake in ISC, a public company whose headquarters is in the gleaming eight-story International Motorsports Center office building at One Daytona, where NASCAR also is based.
Navarra said he sees no reason why the France family would sell its stake in ISC, which owns the Speedway as well as a dozen other motorsports tracks around the country, as well as the new One Daytona development.
ISC also has significant ties to the community that go beyond the France family, including several board members that call Daytona Beach home including Brown & Brown Chairman J. Hyatt Brown, ICI Homes Chairman and CEO Mori Hosseini and local attorney Christy "Chris" Harris.
Greg Motto, ISC's chief financial officer, serves on the Community Foundation board.
Sell NASCAR, but keep ISC?
The possiblity that the France family could sell NASCAR, or at least a large portion of their ownership stake, while keeping their controlling interest in ISC is also shared by stock analyst Jaime Katz of Morningstar Inc. in Chicago.
"Why would they have to sell their stake in ISC?" Katz responded when asked about the NASCAR sale rumors.
The France family recently repurchased 18,000 more shares of ISC stock and the company itself has bought back 9.7 million stock shares since Nov. 30 — a sign that its stock price is undervalued.
'It could be that they are looking to eventually take the company private," Katz said, referring to ISC.
Clayton Park can be reached at clayton.park@news-jrnl.com or at 386-681-2470.