The sale of NASCAR is "absolutely" not in the foreseeable future, according to its president Steve Phelps.

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"The France family is not interested in selling NASCAR at all," Phelps said during an interview on FOX Business' "Mornings with Maria."

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NASCAR was founded by Bill France Sr. in 1948 and France's son, Jim France, is the current chief executive.

Phelps said that the sport is the France family's legacy and the merger between International Speedway Corporation (ISC) and the privately owned NASCAR was done for "all the right strategic reasons" that include significant changes to the schedule and how the sport is marketed.

"We see significant growth that will come from the merger of these two companies," Phelps said.

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NASCAR ratings rose five percent last year compared to all sports which experienced a seven percent decrease, he said, adding that he hopes to see the trend continue.

"We are really excited about the future of what's going to happen in this sport," he said.

The Daytona 500 kicks off the new NASCAR season Sunday.

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