Lowe's will not renew deal for naming rights of track

Lowe's on Thursday confirmed that the company will not renew its naming rights sponsorship of Lowe's Motor Speedway when its contract expires at the end of the year.

However, both Speedway Motorsports Inc. and Lowe's continue to be in discussions about potential future marketing opportunities.

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"When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country," said Robert J. Gfeller, Lowe's senior vice president of marketing and advertising.

Lowe's cited changing marketing strategies Thursday as the reason it won't return in 2010. The home improvement chain signed as sponsor of then-Charlotte Motor Speedway in 1999 in the first major naming rights deal of a NASCAR track.

The Sports Business Journal reported last week that Lowe's would not come back in 2010, but Speedway Motorsports Inc. president Marcus Smith insisted as late as Wednesday that the talks were continuing on a new deal.

Lowe's will continue its primary sponsorship of three-time defending Sprint Cup Series champion Jimmie Johnson.

SMI owner Bruton Smith expects the track to work to find a new title sponsor. If a new sponsor can't be found, the track's name will revert to Charlotte Motor Speedway.

"Lowe's has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans," Marcus Smith said. "We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond."

The Associated Press contributed to this report.

Also:
• Lowe's won't return as title sponsor of Charlotte track
• SMI, Lowe's refute report over end of sponsorship
• Smith expects Lowe's to end track sponsorship