Fifteen years ago, the NASCAR world was rocked by rumors that then-CEO Brian France was ready to sell the sport to buy an NFL team. The sale never happened, but the idea that NASCAR—the ultimate blue-collar, American motorsport institution—could be sold off to corporate interests sent shivers down fans’ spines.
Fast forward to 2025, and those fears are back in full force.
NASCAR President Steve Phelps has officially acknowledged that the sport is considering selling an equity stake to private investors. He didn’t outright say a deal was done, but his comments in a recent Sports Business Journal interview were enough to set off alarm bells.
“I believe that private equity is good for our sport because they bring money, they bring expertise, and they bring sponsors in many cases.”
For Kenny Wallace, that’s all he needed to hear. The longtime NASCAR veteran, TV personality, and fan favorite is not buying the corporate PR spin. Instead, he’s warning fans that this could be the moment NASCAR loses its soul.
“The President of NASCAR doesn’t just come out and speculate. In my opinion, it’s already done. They’ve already got the investors, and it’s gonna happen.”
Is Wallace overreacting, or is this the moment NASCAR changes forever?
What’s at Stake? NASCAR’s Identity vs. Corporate Takeover
Kenny Wallace isn’t just worried about who writes the checks—he’s worried about who the sport belongs to.
For decades, NASCAR has been a family business, built on the grit, sweat, and passion of the France family. It’s survived economic downturns, shifting fan demographics, and massive competition from global motorsports like Formula 1.
But selling a major stake to private equity? Wallace sees it as the moment NASCAR could become just another corporate asset—one that prioritizes profits over passion and global reach over American racing roots.
“I’m afraid they’re gonna alienate a lot of fans,” Wallace warned. “NASCAR as we know it… I’m a little sad, I gotta tell you.”
His concern? Losing the sport’s soul in the same way his hometown of St. Louis lost Anheuser-Busch.
The Anheuser-Busch Effect: NASCAR’s Possible Future?
Wallace draws a heartbreaking parallel to what happened when Anheuser-Busch—the quintessential American beer brand—was sold to Belgian-based InBev in 2008.
The sale wasn’t just about a company changing hands—it was about a community losing a part of its identity.
- Jobs were cut.
- The company’s culture changed.
- The connection to St. Louis faded.
Wallace fears the same thing could happen to NASCAR if private equity takes control.
“It’s very clear,” he said. “They’re gonna go global, and I’m afraid of what’s going to happen.”
And let’s be real—NASCAR has already been experimenting with a more global footprint:
🌍 Expanding into international markets
🏁 Adding street course races in major cities
📺 Focusing on streaming and digital content for younger fans
If private equity firms step in, will the focus shift even further away from the sport’s traditional fanbase?
The Business Side: Why Is NASCAR Considering a Sale?
NASCAR is a privately owned business, controlled by the France family since 1948. But in recent years, the sport has faced challenges:
📉 Declining TV ratings
💰 Sponsorship struggles
⚖️ A legal battle over revenue-sharing with teams
Bringing in private equity money could help NASCAR modernize and expand, much like the NFL, NBA, and MLB have done with outside investment. But at what cost?
Will private investors understand NASCAR’s unique culture? Or will they push for changes that alienate its core fanbase?
Is This Inevitable? Kenny Wallace Thinks So.
Wallace doesn’t believe this is just an idea—he thinks the wheels are already in motion.
“They’ve already got the investors, and it’s gonna happen.”
And if he’s right, what happens next?
🔴 Does NASCAR start looking more like Formula 1?
🔵 Will the schedule see even more radical changes?
⚪ Do the fans still have a say in what NASCAR becomes?
This isn’t just a financial decision—it’s a defining moment for NASCAR’s future.
Final Verdict: Evolution or a Sellout?
Is this the move NASCAR needs to survive and grow? Or is this the beginning of the sport losing its identity to corporate investors?
One thing is certain: If NASCAR sells a stake, the sport will never be the same again.
🔥 What do you think? Is NASCAR selling its soul, or is this the necessary next step for the sport’s future?