For decades, NASCAR has been controlled by one family—the Frances. Since 1948, the sport has been shaped, ruled, and protected by their vision, ensuring it remains uniquely NASCAR. But in 2025, the whispers of change are growing louder. With private equity transforming sports worldwide, is it time for NASCAR to sell off part of its equity to outside investors? Or should Ben Kennedy, the heir apparent, continue the legacy without outside interference?
It’s a question that’s splitting the NASCAR world in two.
The Private Equity Push: Is NASCAR Next?
As sports organizations worldwide seek external funding to remain competitive, NASCAR’s top brass has begun to warm up to the idea. President Steve Phelps recently acknowledged the increasing role of private equity (PE) in motorsports, stating:
“I believe that PE is good for our sport because they bring money, they bring expertise, and they bring sponsors in many cases, so those are all positive things for our sport.”
Some teams have already made moves—Legacy Motor Club’s recent partnership with Knighthood Capital Management proves that financial stability through private equity is appealing at the team level. But should the entire sport follow suit?
Would selling off part of NASCAR’s equity bring in much-needed innovation, or would it dilute the soul of stock car racing?
The Ben Kennedy Factor: The Visionary NASCAR Needs?
If NASCAR chooses to stay independent, the man at the helm will likely be Ben Kennedy, the grandson of Jim France and a rising power within the sport.
Kennedy isn’t just an heir—he’s a racer, a leader, and a disruptor. He has played a critical role in modernizing the sport, leading NASCAR through one of its most dynamic scheduling overhauls in 50 years. From new venues, mid-week races, and doubleheaders to reviving historic tracks like Bowman Gray, Kennedy has proven he’s not afraid to shake things up.
Dale Earnhardt Jr. has been one of Kennedy’s biggest supporters, advocating for him to take full control of NASCAR’s future:
“The hope is that Ben Kennedy remains a key part of the sport. If the France family wants to sell, that’s their decision—it’s their business. But Ben deserves his opportunity.”
Would Private Equity Actually Help NASCAR?
NASCAR is already set for a major transformation in 2025, thanks to a new media rights deal that shakes up how fans will watch the sport.
- FOX retains the Truck Series with coverage on FS1 and FS2.
- The CW becomes the new home of the Xfinity Series.
- TNT Sports and Amazon Prime Video enter the Cup Series, bringing fresh exposure.
With all these changes already happening, some argue that private equity investment could accelerate NASCAR’s evolution, bringing in fresh ideas, more sponsorships, and new business strategies to attract younger audiences.
However, others warn that outside investors could strip NASCAR of its unique culture, forcing it to become more corporate and sanitized. Would the stock car roots that made NASCAR special still be intact if private equity firms took control?
Tradition vs. Transformation: What’s the Right Move?
🔹 The Case for Private Equity: NASCAR gets fresh capital, outside business expertise, and a roadmap for long-term growth.
🔹 The Case for Keeping It in the Family: NASCAR’s soul remains intact, with Ben Kennedy leading the charge toward a modern future without corporate interference.
Dale Earnhardt Jr. summed it up perfectly:
“It’s about legacy—continuing the sport’s tradition while adding a new vision to take it forward.”
The real debate isn’t just about private equity or media deals—it’s about leadership. If NASCAR wants to thrive in this changing landscape, it needs the right visionary at the helm. And that may just be Ben Kennedy.
