SMI to buy Kentucky?

BobbyFord

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The future of Kentucky Speedway is expected to be addressed during a “major announcement” scheduled for Thursday afternoon in Concord, N.C. Sources close to the speedway confirmed to the Enquirer tonight [May 21st] that Kentucky Speedway officials have been in talks with Speedway Motorsports Inc. chairman and chief executive officer O. Bruton Smith about selling or partnering with the Sparta track owned by Jerry Carroll and his partners. A spokesman with Lowe’s Motor Speedway, one of the seven tracks owned by SMI that hosts NASCAR Sprint Cup Series races, indicated only that Thursday's announcement would be of interest. The exact nature of the announcement is not immediately known, but it could include selling all or part of the speedway or partnering with Smith to bring a Sprint Cup race to the 1.5-mile track. Smith will make the announcement at 3pm/et Thursday in the media center at Lowe’s Motor Speedway. Carroll was unavailable for comment Wednesday. News of a potential deal with SMI comes at the same time lawyers representing Kentucky Speedway continue to fight in 6th U.S. Circuit Court of Appeals the early January decision by a U.S. District Court judge to dismiss the track’s antitrust lawsuit against NASCAR and International Speedway Corp.(Cinncinati Enquirer)(5-22-2008)
 
Interesting. Which one of Bruton's dates will he move there? NHIS? Atlanta?
 
UPDATE: The Kentucky Speedway in Sparta is being sold to one of professional auto racing's biggest operators. Speedway Motorsports Inc. of Charlotte, N.C., and its founder and chairman Bruton Smith will announce at 3 p.m. that it is purchasing the speedway in a deal that is expected to close in October. Terms will not be announced but Kentucky Speedway Chairman and developer Jerry Carroll confirmed this morning that Smith plans to invest $50 million in the speedway and bring a coveted NASCAR Sprint Cup Series race to the Gallatin County track as early as 2009. "He wouldn't be buying the track if he wasn't going to bring a Sprint Cut race here," said Carroll as he rode to the airport to take a charter flight to North Carolina for the announcement. Speculation is that Smith will move a Sprint Cup race from tracks he operates in Atlanta or New Hampshire. Track employees were informed of the sale during a 30-minute staff meeting held this morning at the track’s business offices in Fort Mitchell. The message from Carroll, track president Mark Simendinger and executive vice president and General Manager Mark Cassis was to continue operating as usual. The speedway employs about 30 people.(NKY.com)(5-22-2008)
UPDATE 2: Speedway Motorsports has agreed to purchase Kentucky Speedway from Kentucky Speedway, LLC. The agreement was announced today by O. Bruton Smith, founder, chairman and chief executive officer of Speedway Motorsports, Inc. The acquisition is expected to close in the fourth quarter of 2008. Kentucky Speedway, which opened in 2000, hosts one NASCAR Nationwide Series event, one NASCAR Craftsman Truck Series event, one IndyCar Series event and other racing events each year. The speedway is located in Sparta, Ky., approximately one-half hour south of Cincinnati, Ohio. The speedway is easily accessible via modern highways. Located on approximately 820 acres, Kentucky Speedway features a 1.5-mile tri-oval speedway, with chair-back grandstand seating for 66,089 spectators, 50 luxury suites with seats for approximately 2,000, 100 private RV spaces, 200 reserved camping spaces and 1,000 unreserved camping spaces. Kentucky Speedway regularly hosts near capacity crowds for its Nationwide Series events. Smith added that he has offered Jerry Carroll, who was instrumental in the development of Kentucky Speedway, the opportunity to remain involved in its future operations.(SMI PR), no word on a Cup race or the lawsuit against NASCAR.(5-22-2008)
 
Wouldn't it be interesting if he bought it and then closed it...NWilkes dejavu...
 
Wouldn't it be interesting if he bought it and then closed it...NWilkes dejavu...

Like PPIR too, wouldn't surprise me if it closed, i don't think it will get a cup date. Vegas will get another cup date before kentucky does.
 
the way NHIS is going, i wouldnt be so sure on that. Kentucky is halfway successful, but it will only ever have 1 date.
 
http://sports.yahoo.com/nascar/news;_ylt=Ap7VOe2Gs3jfDpfZwDj49VHov7YF?slug=ap-nascar-

<snip> "NASCAR already has started lining up the 2009 calendar, and spokesman Ramsey Poston said “it’s getting fairly late in the year” to open talks with a new speedway." <snip>

But Bruton certainly WANTS one there!!

I found the statement, "Smith won't be a party in that lawsuit, though the suit will continue." talking about the KY lawsuit against Nascar to be even more interesting.
 
It's bruton. After the dragway fiasco, do i dare think he would Con nascar into doing it out of lack of other options?
 
SPARTA, Ky. -- NASCAR's decision Friday to not have a Sprint Cup race at Kentucky Speedway in 2009, despite a change in ownership to Bruton Smith, has left the track's founder livid.
Kentucky Speedway founder Jerry Carroll said in a phone interview Friday that he had contacted his attorneys to fight the decision.
"This is what bullies do and it's been going on too long," Carroll said. "They've showed their hand again. If they want to break us and want to run us out of business, get more creative."
Smith, the Speedway Motorsports Inc. owner, announced Thursday that he had purchased the Kentucky track, located halfway between Cincinnati and Louisville, with the intention of having a Cup race there next season (read more).
But after a sanctioning meeting Friday, NASCAR officials said it's too late to consider Kentucky for next season's schedule.
"The 2009 schedule will not include a Sprint Cup race in Kentucky, regardless of ownership," NASCAR spokesman Ramsey Poston said. "I don't see any scenario where there will be a Sprint Cup race there in '09."
Carroll said 16 months gave NASCAR plenty of time to add a Cup race to the schedule. He said ticket sales at the track had gone through the roof since news of the ownership change, which fans assumed would bring a Cup race for 2009.
Poston said NASCAR has yet to receive a formal request for a race from SMI, which owns seven other NASCAR-sanctioned tracks.
According to papers filed with the Securities and Exchange Commission, Smith has not yet completed the speedway purchase, in which he agreed to pay $78.3 million for the track that cost $152 million to build.
There is a 90-day window in which Smith can walk away from the deal.
Kentucky Gov. Steve Beshear and Carroll were planning to meet with Smith on Sunday during the running of the Coca-Cola 600 at Lowe's Motor Speedway in Concord, N.C.
Also being considered for the 2009 Sprint Cup schedule is a three-track swap of race dates. Atlanta would receive the Labor Day race that's currently run in Fontana, Calif.; Fontana would receive Talladega's fall race; and Talladega would receive Atlanta's fall race.
That move is designed to help Atlanta and Fontana, which have struggled with weather problems on their current dates.
Kentucky Speedway regularly is host to the Nationwide Series, Indy Racing League and ARCA events, but has lobbied unsuccessfully since it opened in 2000 to bring a Cup event to the 1.5-mile oval.
With crowds of more than 70,000, the track is the largest venue that has a Nationwide event but doesn't have a Cup race. Smith has said he plans to add 50,000 more seats to make it more suitable for a Cup race.
The estimated economic impact that a Cup event would have on northern Kentucky is expected to approach $200 million.
The lure of that big-ticket event was so high, the track's ownership filed an antitrust lawsuit in 2005 against NASCAR and International Speedway Corp., alleging they worked together to create an unfair monopoly and prevent Kentucky from securing a Cup race.
The lawsuit was dismissed this year, but the speedway has appealed.
 
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