North American stock car-racing series NASCAR has reportedly partnered with real estate developer Hillwood as part of plans to repurpose surplus land at its racetracks.
Sports Business Daily reports that the deal is designed to make it easier for NASCAR to better utilise its venues. NASCAR owns 13 tracks that span 13,000 acres of land.
Last May, NASCAR agreed a $2bn (£1.72bn/€1.87bn) deal to acquire International Speedway Corporation (ISC), which operates 13 leading motorsport facilities including Daytona International Speedway (pictured).
Sports Business Daily’s report added that NASCAR does not view the Hillwood partnership as a means to sell the tracks but to better manage them.
The series plans on using Hillwood to “offer perspective across asset classes for every facility site, considering land not currently being used”. It is hoped the initiative will create jobs and provide an economic boost to local communities.
Tracks in Charlotte, Chicago, Daytona, Des Moines, Detroit, Fontana, Homestead, Kansas City, Phoenix, Richmond and Talladega are reportedly set to benefit.
In a statement reported by Sports Business Daily, Hillwood chair Ross Perot Jr. said: “This is a great alignment of interests – Hillwood has one of the largest banks of industrial property in the US, and NASCAR’s land portfolio will add numerous new locations that can immediately meet many of our customers’ new facility requirements.”