Heya,
Depends on your needs. 300mm on APS-C will actually be a lot of reach for karts. However, you will not have the ability to reduce the angle of view as they get close to you. A zoom would be ideal to be able to quickly respond to things close and far at the same time. Regardless of IQ, IS, etc, the AF speed is a wash, they both will AF blazing fast. The biggest difference is limiting yourself to a single focal length vs having a variable focal length. You have to weigh the compromise. In this case, the 100-400 II has no compromise other than aperture & price. That's it. Everything else it's really great at. The 300 F4L has two things in its favor, (1) aperture and (2) cost. You can get a used 300 F4L non-IS for like $450 these days. It's fast to AF, sharp wide open, and F4 is really nice for a telehpoto, and again, on APS-C, it's quite a bit of reach actually. The 100-400 II is probably a hair sharper, same fast AF, has IS (modern IS), variable focal lengths, etc, but it will cost you aperture (F5.6) and it will cost you price ($2,000). So that's a hard thing to compare. Most folk who shoot something know if they can live with a prime or a zoom. So that's on you to figure out.
Overall I think a zoom would be ideal for you. And really, I would think a 70-200 would be more ideal for this. But, a 100-400 (mKI) is even a good idea for the cost. I would only look at the 300 F4 if you know you want the longest budget telephoto with the widest aperture for lower light shooting with that 7D.
Very best,