Report: Speedway will remain in Concord, N.C.

Lowe's Motor Speedway will remain open in Concord, N.C., the Charlotte Observer reported on Wednesday.

No details were immediately released. The speedway spokesman said more information would be released Monday.

Speedway Motorsports chairman Bruton Smith had said he would decide before Thanksgiving whether an incentives deal in the range of $70 million would convince him to spend $100 million to $200 million to renovate the 47-year-old speedway and build a $60 million drag strip at the racing facility.

Concord City Council members initially blocked Smith from building his planned drag strip near the speedway, saying they were worried noise from the hot rods could carry into nearby neighborhoods. Smith then threatened to move Lowe's Motor Speedway, one of the county's biggest taxpayers,

Cabarrus leaders have offered Smith incentives, which were outlined in an e-mail County Manager John Day sent to commissioners, county officials have said.