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While apologizing to Spencer's fans and team sponsor Sirius for the driver's actions following the GFS Marketplace 400, Smith expressed concern at the portrayal of the incident.
"It has become evident that the details and magnitude of the incident following the GFS Marketplace 400 have been skewed, exaggerated and blown out of proportion by the accusers," Smith said.
Spencer entered as evidence on his behalf media accounts of radio conversations between Busch and his Roush Racing crew during the GFS Marketplace 400 in which Busch indicated he had intentionally struck Spencer's car on the racetrack. These were broadcast on SPEED Channel on Monday evening.
Busch said, "See, I'm not very good at being bad. I was trying to flatten the 7 car (Spencer) fender and I got mine. I needed to be further forward on his car."
Someone on his crew responded, "They just showed that on TV. You just missed by about an inch or two. Ah, not far enough forward."
Busch replied, "Inches only count unless you're playing horseshoes and hand grenades. Ah, I don't want to play either with that clown."
Smith said those comments shed new light on the story.
"By proudly admitting his intensions over the radio to wreck our car, Kurt Busch's comments proved that the contact he forced was not just one of those racing deals," Smith said. "His moves were intended to harm.
"He announced it, and we heard it (on radio scanners). While I speak for everyone at Ultra Motorsports in saying we do not condone any physical altercations in settling disputes, Jimmy's actions were a direct result of another driver's intention to, at the very least, eliminate our car from the race.
"Knowing the same thing I know, that the guys on this team work too hard to have a contending car taken out by ill intent, Jimmy was simply defending his team. In that regard, I'm not sure I would've reacted any differently had I been in Jimmy's shoes."
The National Stock Car Racing Commission cited the two drivers' previous history in rendering its opinion.
Per the commission's follow-up statement, the most compelling reason for it to uphold the penalties was a previous warning delivered to Spencer and Busch about the consequences of further tangles between the two, following several incidents in the last two years.
"The Commission notes that NASCAR had previously forewarned Mr. Spencer and put him on notice regarding his behavior with respect to (Busch)," the statement said.
The statement also took note of Spencer's "compelling argument, expressing remorse and acknowledging that his actions were wrong."
Spencer was expected to argue in his defense that Busch cursed at him while seated in his race car after he stopped behind Spencer's hauler in the garage; and that he struck Busch with an open palm.
The commission noted that evidence in its report, stating that, "irrespective of alleged provocation or the exact magnitude of the physical contact, an inappropriate line had been crossed in this case."
Spencer was entered to compete in Wednesday night's O'Reilly 200 Craftsman Truck Series race for Ultra owner Jim Smith, but that truck was withdrawn at about the time practice began, at 11:20 a.m. ET.
Busch Series team owner Tommy Baldwin, who is also Ultra's Winston Cup crew chief, had entered Spencer to run in Friday night's Busch Series Food City 250, but changed his driver to Ted Musgrave on Wednesday morning.
On Monday, Smith said if Spencer's suspension was upheld, Musgrave, who drives Ultra's Mopar Dodge in the Truck Series, would drive Spencer's No. 7 in Saturday night's Winston Cup Sharpie 500. Wednesday morning, that change was made.
The commission's three-member panel, chaired by NASCAR director of administration George Silbermann, met at 8:30 Wednesday morning in Bristol to hear Spencer's appeal.
Spencer may, under Section 15 of the NASCAR rulebook, appeal the commission's decision to the National Stock Car Racing Commissioner, Charles D. Strang.
The Associated Press contributed to this report.
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