Everett, Wash.
Published: Wednesday, December 31, 2008

NASCAR: SMI completes purchase of Kentucky Speedway

Associated Press

 SPARTA, Ky. — Speedway Motorsports Inc. purchased Kentucky Speedway, clearing the way for SMI owner Bruton Smith to try and bring a coveted NASCAR Sprint Cup race to the 1.5-mile tri-oval in northern Kentucky.

The deal was finalized Wednesday, more than seven months after SMI agreed to buy the track from the speedway ownership group led by Jerry Carroll. According to papers filed with the Securities and Exchange Commission, Smith agreed to pay $78.3 million for the speedway that cost $152 million to build.

The track joins a growing portfolio for SMI, which owns seven other NASCAR-sanctioned facilities, including Lowe’s Motor Speedway.

The former ownership group filed an antitrust lawsuit in 2005 against NASCAR and International Speedway, alleging they worked together to create an unfair monopoly and prevent Kentucky from securing a Cup race. The lawsuit was dismissed earlier this year but the case is on appeal.

Smith can not be part of the appeal under a settlement in a Texas-related antitrust lawsuit previously filed by an SMI shareholder against NASCAR and ISC.

The track regularly hosts NASCAR’s second-tier Nationwide Series, Indy Racing League and ARCA events. With crowds of more than 70,000, the speedway is currently the largest venue that hosts a Nationwide event but doesn’t have a Cup race. The track is expected to add 50,000 seats to become more Cup-friendly.

“We are extremely excited about the new opportunities this market is going to bring the company,” said Smith. “Since we announced this acquisition in May, we have been overwhelmed with the response of fans expressing their support and desire for a Sprint Cup event at Kentucky Speedway. We will continue to work with NASCAR to bring a Sprint Cup race to this fine facility as soon as possible.”

NASCAR, however, left Kentucky off its 2009 schedule and likely won’t consider giving the track a date until the lawsuit is resolved.

“NASCAR has a great fanbase in Kentucky and the surrounding area, which is why we always look forward to racing there,” NASCAR spokesman Ramsey Poston said. “However, as we have said consistently there will be no consideration for a NASCAR Sprint Cup Series date until the pending lawsuit against NASCAR, ISC and SMI is resolved.”

Smith has the option of moving a date at one of his other tracks to Kentucky, but said that would not be his preference.
© 2009The Daily Herald Co., Everett, WA