CHARLOTTE, N.C.--(BUSINESS WIRE)--May 22, 2008--Speedway
Motorsports, Inc. (NYSE:TRK) 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
third 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
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.
"This is a wonderful opportunity for our company to grow into a
new market in a modern speedway facility. We continue to be committed
to investing in the motorsports industry," said Smith.
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.
Kentucky Speedway will join an outstanding lineup of SMI
facilities. The company also owns and operates Atlanta Motor Speedway;
Bristol Motor Speedway in Bristol, Tenn.; Infineon Raceway in Sonoma,
Calif.; Las Vegas Motor Speedway; Lowe's Motor Speedway in Concord,
N.C.; New Hampshire Motor Speedway, in Loudon, N.H.; and Texas Motor
Speedway in Ft. Worth, Texas.
With this acquisition, the company will own race tracks in the
West, Northeast, Midwest, Southeast and Southwest, including four of
the nation's top-10 designated market areas.
The breakdown includes: the fifth-largest market (Texas/Dallas-Ft.
Worth); the sixth-largest market (Infineon/San Francisco); the
seventh-largest market (New Hampshire/Boston); the eighth-largest
market (Atlanta); the 25th-largest market (Lowe's/Charlotte); the
33rd-largest market (Kentucky/Cincinnati): the 43rd-largest market
(Las Vegas); and the 91st-largest market (Bristol/Tri-Cities).
About Speedway Motorsports, Inc.
Speedway Motorsports is a leading marketer and promoter of
motorsports entertainment in the United States. The Company owns and
operates the following premier facilities: Atlanta Motor Speedway,
Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway,
Lowe's Motor Speedway, New Hampshire Motor Speedway and Texas Motor
Speedway. The Company provides souvenir merchandising services through
its SMI Properties subsidiaries; manufactures and distributes
smaller-scale, modified racing cars and parts through its 600 Racing
subsidiary; and produces and broadcasts syndicated motorsports
programming to radio stations nationwide through its Performance
Racing Network subsidiary. The Company also equally-owns Motorsports
Authentics, a joint venture formed with International Speedway
Corporation to produce, market and sell licensed motorsports
merchandise. For more information, visit the Company's website at
This news release contains forward-looking statements,
particularly statements with regard to the Company's future operations
and financial results. There are many factors that affect future
events and trends of the Company's business including, but not limited
to, consumer and corporate spending sentiment; air travel;
governmental regulations; military actions; national or local
catastrophic events; the success of and weather surrounding NASCAR,
IRL, NHRA and other racing events; our relationship with NASCAR and
other sanctioning bodies; the success of expense reduction efforts;
capital projects; expansion; economic conditions; stock repurchases;
financing needs; insurance; litigation; taxes; oil and gas activities
and associated profitability; geopolitical situations in foreign
countries; and other factors outside of management control. These
factors and other factors, including those contained in the Company's
Annual Report on Form 10-K and subsequently filed Quarterly Reports on
Form 10-Q, involve certain risks and uncertainties that could cause
actual results or events to differ materially from management's views
and expectations. Inclusion of any information or statement in this
news release does not necessarily imply that such information or
statement is material. The Company does not undertake any obligation
to release publicly revised or updated forward-looking information,
and such information included in this news release is based on
information currently available and may not be reliable after this
CONTACT: Speedway Motorsports, Inc.
Scott Cooper, 704-455-3209 or
Lauri Wilks, 704-455-3239
SOURCE: Speedway Motorsports, Inc.