SMI remains on track to purchase Ky. Speedway

CONCORD, N.C. -- Speedway Motorsports Inc. announced Thursday that it will proceed with its acquisition of Kentucky Speedway, the 1.5-mile tri-oval located in northern Kentucky about halfway between Louisville and Cincinnati. The two sides reached an agreement in May, and SMI completed a 90-day review earlier this month. The company expects the sale to be completed by December.

"We are in this motorsports business for the long term," SMI president Bruton Smith said. "The opportunity to buy a modern race track below replacement cost in a market with incredible growth potential was simply too good to pass up.

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"While we expect some short-term loss, this is a significant investment in the future that better positions us to compete in this industry, and will pay off with long-term gains when the NASCAR Sprint Cup Series is added to Kentucky Speedway's event calendar."

Smith said the sale allows SMI to expand its geographic reach and is optimistic he can bring a Cup Series race to the track. SMI owns several tracks throughout the country that host Cup events, including circuits in Texas, Nevada and California.

"We are optimistic about being able to promote a Sprint Cup Series event at Kentucky Speedway," Smith said. "Once we secure a Sprint Cup Series event, we plan to expand seating capacity and host some of the largest crowds in the Midwest.

"Kentucky Speedway entertained sellout crowds for NASCAR Nationwide Series and IndyCar Series events this year. With a Sprint Cup date, season ticket sales, seat licenses and corporate sponsorship opportunities will increase tremendously."

Smith had hoped the track would land a Cup race in 2009, but cited an ongoing antitrust lawsuit filed by the speedway against NASCAR and International Speedway Corp. as an obstacle.

The case was thrown out in January, but an appeal has been filed and current track owner Jerry Carroll said he has no intentions of abandoning the case.

The Associated Press contributed to this report.