Jump to content

Speedway Motorsports

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Ser Amantio di Nicolao (talk | contribs) at 06:04, 30 January 2021 (→External links: add authority control). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Speedway Motorsports
Company typePrivate
IndustryMotorsports
Founded1994
HeadquartersCharlotte Motor Speedway, Concord, North Carolina
Key people
Bruton Smith, founder and CEO
Marcus G. Smith, President and COO
ProductsMotorsport venues
Legends cars
Revenue$570 million USD
Number of employees
793 (full time)
Websitewww.speedwaymotorsports.com

Speedway Motorsports, LLC is an American company that owns and manages auto racing facilities that host races sanctioned by NASCAR, IndyCar Series, NHRA, World of Outlaws and other racing series. The company's headquarters are located at Charlotte Motor Speedway, in the suburbs of Charlotte, NC. Speedway Motorsports owns nine racing facilities with a combined seating capacity of approximately 885,000. In addition to operating racetracks, Speedway Motorsports owns Performance Racing Network (PRN), U.S. Legends Cars International, and co-owns Motorsports Authentics.

After trading for 25 years on the New York Stock Exchange, where it was known as Speedway Motorsports, Inc. (SMI), the company was taken private in September 2019, and today is a wholly owned subsidiary of Sonic Financial Corporation, itself owned by Speedway Motorsports founder Bruton Smith and members of his family.

History

Speedway Motorsports didn't officially incorporate until 1994. Bruton Smith began building SMI in the 1950s when he worked as a race promoter and eventually built Charlotte Motor Speedway in 1959. Smith left the racing business in the early 1960s to pursue other business ventures. He became very successful and by 1975 had owned majority shares in CMS and took over as CEO. A year later he appointed H.A. "Humpy" Wheeler as general manager. Smith began to expand CMS, adding additional grandstands and facilities including condominiums, a first for a sports facility.

In 1990, Smith began to acquire additional speedway properties beginning with Atlanta Motor Speedway. As he did with Charlotte, Smith began expanding seating and facilities at Atlanta. In 1992, lights were added to CMS, making it one of the first speedways to offer night racing, and the company developed the Legends car racing circuit, now called U.S. Legend Cars International. Smith incorporated Speedway Motorsports in December 1994, and on February 24, 1995 took the company public by offering shares of stock, debuting at $18 per share.[1]

In 1996, SMI began to quickly expand, acquiring two additional facilities; Bristol Motor Speedway and Sonoma Raceway. A year later, the company finished construction of the $250 million, 150,000 seat Texas Motor Speedway. Between 1993 and 1998, SMI had increased its total seating capacity from 176,000 to 551,000. In 1999 SMI outbid rival International Speedway Corporation (ISC) to purchase Las Vegas Motor Speedway. Smith had outbid ISC by $15 million to make a total $215 million purchase. That same year, SMI sold the naming rights of its flagship Charlotte Motor Speedway to Lowe's, a $35 million deal that would last until 2009.[1]

Until 1999, Speedway Motorsports was the top track owner in the motorsports industry. That year, International Speedway Corporation, then the second largest track owner, acquired Penske Motorsports, then the third largest track owner. The $623 million deal propelled ISC to the top track owner, and SMI fell to second. Smith then turned his attention towards securing two NASCAR dates at each of his facilities.[1] As of 2011, only four SMI owned tracks hold two NASCAR dates.

SMI purchased North Wilkesboro Speedway and New Hampshire Motor Speedway in 2007, and in 2008 purchased Kentucky Speedway. Today SMI owns nine racing facilities, eight of which are used to host major racing series including NASCAR, IndyCar and NHRA. As of December 31, 2009, the combined total permanent seating capacity was approximately 885,000.[2] SMI owned tracks host 12 of the 36 NASCAR Cup Series races, including four races in the NASCAR playoffs, plus the NASCAR All-Star Race.

In December 2018, Nashville Fairgrounds Speedway operator Tony Formosa Jr. reached an agreement with Speedway Motorsports and its main Tennessee track Bristol Motor Speedway to co-operate the facility and make the necessary upgrades for the track to host NASCAR Xfinity Series and NASCAR Camping World Truck Series races again and continue to host weekly racing events.[3] Efforts were renewed in late 2020 as SMI and Bristol launched negotiations with the City of Nashville with the goal of hosting NASCAR races as early as 2022.[4]

When NASCAR announced that Circuit of the Americas in Austin, Texas, would host the national series beginning in 2021, SMI assumed management responsibilities for the NASCAR at COTA race weekend.[5]

In addition to speedway properties, SMI also owns Performance Racing Network, a radio network that broadcasts all NASCAR races at SMI owned tracks. SMI also equally owns Motorsports Authentics, a joint venture formed with International Speedway Corporation, to produce, market and sell licensed motorsports merchandise.[2]

Facilities owned

Track Location Facility
acreage 		Main
layout* 		Seating
capacity 		Year
opened 		Acquired
date 		Major
series
Atlanta Motor Speedway Hampton, GA 820 1.54 miles (2.48 km) quad-oval 71,000 1960 1990 NASCAR
Bristol Motor Speedway Bristol, TN 670 0.533 miles (0.858 km) oval 160,000 1961 1996 NASCAR, NHRA, ARCA
Charlotte Motor Speedway Concord, NC 1,310 1.5 miles (2.4 km) quad-oval 94,000 1960 1975 NASCAR, NHRA, WoO, ARCA
Kentucky Speedway Sparta, KY 820 1.5 miles (2.4 km) tri-oval 107,000 2000 May 22, 2008 NASCAR
Las Vegas Motor Speedway Las Vegas, NV 1,030 1.5 miles (2.4 km) D shaped-oval 80,000 1996 1999 NASCAR, NHRA, WoO
New Hampshire Motor Speedway Loudon, NH 1,180 1.058 miles (1.703 km) oval 88,000 1990 November 2, 2007 NASCAR
North Wilkesboro Speedway North Wilkesboro, NC   0.625 miles (1.006 km) oval 40,000 1947 N/A
Sonoma Raceway Sonoma, CA 1,600 1.99 miles (3.20 km) road course 47,000 1968 1996 NASCAR, NHRA
Texas Motor Speedway Fort Worth, TX 1,490 1.5 miles (2.4 km) quad-oval 181,655 1996 1995 (Built) NASCAR, IndyCar, ASCS
*Some facilities include multiple layouts and multiple tracks including road courses, dirt ovals and dragways

Notable purchases

SMI has a history of purchasing tracks to obtain NASCAR race dates. The company's purchases and closures of the tracks in order to obtain a second NASCAR date for Texas Motor Speedway led to the Ferko lawsuit.

North Wilkesboro Speedway

In 1996, the company purchased half interest in North Wilkesboro Speedway in North Wilkesboro, North Carolina along with Bob Bahre of New Hampshire International Speedway (now New Hampshire Motor Speedway). SMI moved one of North Wilkesboro Speedway's dates to Texas Motor Speedway and Bob Bahre moved the second date to his facility. On November 2, 2007, SMI purchased NHIS and part of the purchase resulted in SMI gaining full ownership of North Wilkesboro Speedway.[6]

North Carolina Speedway

In 2004, as a result of the Ferko lawsuit, SMI gained ownership of the North Carolina Speedway in Rockingham, North Carolina. SMI closed North Carolina Speedway and moved the track's final race date to Texas Motor Speedway. On October 2, 2007, SMI sold North Carolina Speedway at auction. The track was purchased by "Indiana" Andy Hillenburg for $4.4 million, and renamed Rockingham Speedway.

New Hampshire Motor Speedway

On November 2, 2007, SMI announced the purchase of New Hampshire International Speedway from Bob Bahre, and renamed the facility New Hampshire Motor Speedway. This has led to speculation that SMI would move one of New Hampshire's dates to Las Vegas Motor Speedway and/or swap the date with the fall race at Texas Motor Speedway (TMS has expressed an interest in moving the fall race away from the first weekend in November, which is also the opening weekend of deer hunting season in Texas). In 2018, the fall race weekend was moved to Las Vegas.

Kentucky Speedway

On May 22, 2008, SMI announced it had purchased Kentucky Speedway from Kentucky Speedway, LLC. It was purchased from Joie Chitwood. The track had been trying to secure a NASCAR Sprint Cup race for several years.[7] SMI was finally victorious in their pursuit, with Kentucky Speedway receiving its inaugural Sprint Cup race on July 9, 2011.[8] It appears this came at the expense of SMI-owned Atlanta Motor Speedway, which dropped from two races to one on the 2011 Sprint Cup schedule.[9]

Principal subsidiaries

Tracks
  • Atlanta Motor Speedway, Inc.
  • Bristol Motor Speedway, Inc.
  • Charlotte Motor Speedway, Inc.
  • Las Vegas Motor Speedway LLC
  • SPR Acquisition Corporation d/b/a Sears Point Raceway
  • Texas Motor Speedway, Inc.
Other
  • Speedway Systems LLC d/b/a Finish Line Events
  • 600 Racing, Inc.
  • INEX Corporation
  • The Speedway Club, Inc.
  • Oil-Chem Research Corporation
  • Speedway Funding Corporation
  • Sonoma Funding Corporation

Principle competitors

References

  1. ^ a b c "History of Speedway Motorsports, Inc". Reference for businesses. Retrieved 27 November 2010.
  2. ^ a b "Company Description". Speedway Motorsports. Archived from the original on 21 February 2013. Retrieved 27 November 2010.
  3. ^ Rau, Nate; Garrison, Joey (December 19, 2018). "Track operator strikes deal with Speedway Motorsports to return NASCAR to Nashville". The Tennessean. Retrieved December 20, 2018.
  4. ^ Jorge, Kaylin (December 21, 2020). "Nashville in talks to bring NASCAR to Fairgrounds Speedway as soon as 2022". WZTV. Retrieved January 5, 2021.
  5. ^ "Circuit of the Americas Welcomes NASCAR in 2021". Circuit of the Americas. September 30, 2020. Retrieved January 5, 2021.
  6. ^ "SMI purchasing New Hampshire speedway". Freelibrary. Retrieved 27 November 2010.
  7. ^ "Speedway Motorsports Agrees to Purchase Kentucky Speedway". May 22, 2008. Archived from the original on July 12, 2012. Retrieved 27 November 2010.
  8. ^ "Sprint Cup Series to Visit Kentucky Speedway in 2011". Kentucky Speedway. August 10, 2010. Archived from the original on 24 November 2010. Retrieved 27 November 2010.
  9. ^ "Atlanta Motor Speedway Announces Schedule For 2011 NASCAR Season". August 5, 2010. Archived from the original on 7 August 2010. Retrieved 27 November 2010.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Speedway_Motorsports&oldid=1003691850"