Fifteen years ago, the rumor mill went into overdrive. Brian France, then NASCAR’s CEO, was supposedly going to sell the sport to buy an NFL team. It never happened, but just the thought of it sent shockwaves through the American racing world. The idea of NASCAR losing its soul to corporate interests felt like a punch to the gut for its blue-collar fanbase. Fast forward to today, and those old fears are creeping back. Thanks to NASCAR President Steve Phelps’ recent chat with the Sports Business Journal, the topic of selling the sport is back on the table—and Kenny Wallace, a fan favorite and NASCAR veteran is not happy about it in the slightest.

Wallace isn’t holding back. He’s worried that selling an equity stake in NASCAR could push away the very people who’ve made the sport what it is. He draws a heartbreaking parallel to the sale of Anheuser-Busch in his hometown of St. Louis, where the community lost more than just a business—it lost a piece of its identity. But what exactly did Phelps say, and why is Wallace all doom and gloom?

Steve Phelps drops a bombshell: NASCAR could sell equity stake

Here’s the big news and trust us, that’s not an exaggeration: Steve Phelps, in his interview with the Sports Business Journal, revealed that NASCAR—privately owned by the France family since 1948—is considering selling an equity stake in the sport. He didn’t outright say, “We’re selling,” but his words 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,” Phelps said.

But for Kenny Wallace, this isn’t just talk. “The President of NASCAR doesn’t just come out and speculate,” Wallace said on his show. “In my opinion, it’s already done. They’ve already got the investors, and it’s gonna happen.”

Wallace’s concerns run deeper than just the financial side of things. He’s worried about NASCAR losing its soul—the connection to its grassroots fans. “I’m afraid they’re gonna alienate a lot of fans,” he said, recalling conversations with older fans who’ve already drifted away. “NASCAR as we know it… I’m a little sad, I gotta tell you.”

Kenny Wallace then brought up a similar situation close to him, the Anheuser-Busch comparison. When the iconic beer company was sold, Wallace’s hometown of St. Louis didn’t just lose a business—it lost a part of its heart. Wallace fears NASCAR could face the same fate. “It’s very clear,” he said. “They’re gonna go global, and I’m afraid of what’s going to happen.”

So, what’s driving this push for change? And how does it tie into NASCAR’s bigger plans?

Global expansion and a potential fourth manufacturer

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While the equity stake talk is grabbing headlines, Phelps’ interview also dropped some other juicy details. One of the most intriguing? A fourth manufacturer could soon join Chevrolet, Ford, and Toyota in the sport.

Phelps didn’t name names, but he made it clear that talks are happening. “We are having robust discussions with a number of [original equipment] partners,” he said. “If I had to guess and were a betting man, something is going to hit. I just don’t know with whom or the timing of that.”

Now, why has it taken so long to bring in a new manufacturer? Well, the Next Gen car’s V8 engine requirements are a big hurdle. We’re talking about massive investments here, and let’s not forget that NASCAR’s declining viewership in the late 2000s didn’t exactly make it an attractive prospect for automakers. But Phelps is feeling optimistic. “We know that there are a current couple of OEs that are really kicking the tires hard,” he said, pointing to rising TV ratings and renewed sponsor interest as reasons to be hopeful.

Then there’s the global push. NASCAR’s new media rights deals, kicking off in 2025, include partnerships with Amazon’s Prime Video and TNT Sports—clear signs the sport is aiming for a broader audience. International races, like the upcoming Cup/Xfinity weekend in Mexico City, are part of the plan. Phelps even hinted that the Clash could head to Brazil in the future.

But for Wallace, this global ambition raises a big question: “Why does NASCAR need to go global?” he asked. “That’s the question I have with this massive, unbelievable breaking news.” While Phelps sees global expansion as the future, Wallace worries it could leave the sport’s traditional fans behind in pursuit of bigger bucks.

NASCAR is slightly stuck between a rock and a hard place right now. The potential sale of an equity stake, the hunt for a fourth manufacturer, and the push for global expansion all point to a sport in transition. For Steve Phelps, who represents the business of the sport, these changes are about securing NASCAR’s future. But for Kenny Wallace and many longtime fans that resonate with him, it feels like the sport they love is slipping away as Wallace explained how his older friends who’ve been longtime viewers of the sport, feel like the current direction is trading its grip on the roots of the sport for something more superficial.

“My 70 year old and my 80 year old friends, that I go on the Kyle Petty Charity ride with, they all say to me right now, this day when I go on the Kyle Petty charity ride you know what they all say to me? ‘Kenny, I love Richard and Kyle but I just don’t watch NASCAR anymore.'” As Wallace put it, “I’m afraid that NASCAR, as we know it, is changing.” Whether that change is for better or worse remains to be seen. But one thing’s for sure: NASCAR’s next move will define its identity for decades to come.