Smith, SMI in negotiations to build race tracks in Qatar (cont'd)

Gillett said then that he originally was talking with his Saudi contacts about possibly building academies for young soccer players in the Middle East and North Africa when the subject of stock-car racing came up.

"In the midst of those conversations, the light went on and I said, 'My goodness, what an opportunity this might be if we could create a series in the Middle East for stock cars,'" Gillett said.

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We're incorporating the waterfront there and everything else. It will be a great showcase for the country.

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-- BRUTON SMITH

"That's what happened. We have had extended conversations now about developing a race series. There are several extraordinarily good road tracks there. They have identified 14 sites -- or more -- in the Middle East where they could put an oval track or two, or 14. So that was the genesis of the conversation."

Gillett went on the stress then that the conversations were very preliminary in nature, as were any minor discussions that may have taken place about Saudi investors eventually purchasing a minority stake in RPM.

Wheeler said he doesn't know if there are enough race fans in the Middle East to sustain a series, or even a handful of stock-car events at new tracks.

"I just wonder where all the people would come from," Wheeler said. "The questions are: Where's the culture of it? And are there enough people to support it there? Will tourists flock there in enough numbers to make it work? That's doubtful because it's so far away from everything. It's a 14-hour plane ride from the United States -- and that's if you're lucky.

"So they've got the money. But do they have the people?"

However, there is some evidence to the contrary. Earlier this month, the city of Abu Dhabi in neighboring Saudi Arabia held its first Formula One race at a new 3.4-mile road course that cost a staggering $1 billion. The event sold out quickly and was attended by 50,000 spectators, who were treated to a pre-race concert by none other than legendary rock band Aerosmith -- perhaps a sign of the times that other American forms of entertainment, including stock-car racing, are primed to be embraced by the Middle East.

By contrast, Wheeler estimated that the most expensive track constructed in the United States in the last two decades is Texas Motor Speedway, where NASCAR's three national touring series are racing this weekend. It cost roughly $350 million to build and opened in 1997, originally seating almost 160,000. Since then, some 21,000 seats have been removed and its seating capacity is listed at 138,170.

Smith stressed that negotiations remain ongoing and that the deal to build the tracks in Qatar is not yet completed. But he said he does believe it is close to becoming reality.

"I certainly don't look at it as a done deal," Smith said. "Hopefully in another week, we'll be able to say it's done."