On the 577th Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams speak with Ben Kennedy, the COO of NASCAR, about the delicate balance between the racing circuit’s traditional roots and its constant quest for innovation.
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Kennedy, a member of the family that has run NASCAR for decades, was a pro stock car driver before joining the executive ranks. He was promoted to COO earlier this year, helping oversee a group focused on all parts of the racing circuit’s vast operations.
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Kennedy goes into depth about NASCAR’s recent push to hold races in unique places. The circuit has hosted events inside the LA Memorial Coliseum in Las Angeles, on the streets of Chicago, and most recently, on the U.S. naval base in Coronado, Calif. He talks about ideation for those events and mentions some other places that he’s long explored for possible future NASCAR tracks and special events—such as New York’s Central Park. He also breaks down the economics of those races, which have a completely different revenue and expense profile than other NASCAR races.
The trio then talks about how elevated gas prices have impacted NASCAR and its teams. The biggest impact may surprise people—it’s not the gas used in races, but the fuel required to ship cars and equipment from race to race. That’s hundreds of trucks, Kennedy explains, that often travel from one race, back to home bases in North Carolina, then out to the next race each week.
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The trio closes by talking about private equity in racing. The NASCAR charter has rules for institutional investors, much like major leagues like the NFL, NBA and MLB. And like those leagues, institutional funds have found opportunities to invest.
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