On Wednesday NASCAR, the private company which runs the world’s most popular and largest stock racing series was brought into the bitter world of divorce. A court order prompted the release of more than 1500 documents form NASCAR CEO Brian France’s divorce case.
But what is not in the documents is even more interesting. Brian France does not own any part of NASCAR.
In his prenuptial agreement written before their marriage in October 2005, and his December 2007 separation agreement, he lists no ownership in NASCAR. Jim France and Lesa France Kennedy are the sole owners of the NASCAR. They are brother and granddaughter, respectively, of NASCAR founder “Big Bill” France.
This was confirmed in the April 2007 lawsuit between Kentucky Speedway and NASCAR. Therefore Brian, who is the nephew and brother of Jim and Lesa and, who has always refused to discuss ownership details, has no stake NASCAR. This is also backed up by the newly released documents.
NASCAR spokesman, Brett Jewkes, confirmed on Thursday that NASCAR is owned by the France family. However, neither NASCAR nor Brian France has any comment on the divorce case or the newly released documents.
However, even though he has no ownership of NASCAR, the documents show how massively wealthy Brian was in 2005 and 2007. According to the documents, Brian’s assets were $554 million with liabilities of $26 million. In 2004, his earnings as NASCAR chairman and CEO grossed $9.05 million. These assets include three California condos worth $4.4 million, a $10.6 million Central Park condo with an additional $780,000 maid condo, three Daytona condos worth $1.8 million, and a $950,000 home in Charlotte. Along with his property ownership, he also owned a yacht $5.2 million, three private planes worth $54.6 million and five cars worth $234,000. Along with this, he lists partial ownership of the Grand-Am sports-car series company, but it had insignificant value in 2007. He also has $120 million worth of stock in the France family owned International Speedway Corp, along with other investments worth $259 million. ISC owns 12 tracks hosting NASCAR Sprint Cup races.
In the divorce, his ex-wife Megan France gained ownership of a $2 million vacant lot, as well as a $3.2 million home in Charlotte.
The case documents were originally sealed, however, Charlotte-area media challenged the sealing, and has the details released. These details show that Brian didn’t pay $6 million of a $9 million payment to his ex-wife Megan. Along with this payment, Brian is paying $510,000 yearly for 10 years in alimony and childcare. The alimony and childcare payment are for their twin children, born in September 2006. Meanwhile, the $6 million, plus any interest is being held pending the outcome of the case.
Details on why Brian defaulted on this $6 million payment come from the documents, which come from a September 2008 lawsuit (the divorce was finalized prior to this). In this lawsuit, Brian states that Megan broke the original terms of the divorce, by not adhering to visitation rights, agreements on the employment of nannies, and confidentiality clauses.
However, Megan France counters saying that Brian was not involved enough in the life of their children, refusing to pay prep school fees for her daughter from a previous marriage.
Brian France talks about the new NASCAR point system and other changes coning in 2011 in this quick video. Watch it and let me know what you think.