Speedway Motorsports, Inc. (SMI) is an American corporation that owns and manages racing facilities that host NASCAR, IndyCar Series, NHRA, World of Outlaws and other motor racing series. The company's headquarters are located at Charlotte Motor Speedway, in the suburbs of Charlotte, NC. SMI owns nine racing facilities with a combined seating capacity of approximately 885,000. In addition to operating racetracks, SMI owns Performance Racing Network (PRN), U.S. Legends Cars International, and co-owns Motorsports Authentics.
|Traded as||NYSE: TRK|
Russell 2000 Component
|Headquarters||Concord, North Carolina (at Charlotte Motor Speedway)|
|Bruton Smith, founder and CEO|
Marcus G. Smith, President and COO
|Revenue||$570 million USD|
Number of employees
|793 (full time)|
Speedway Motorsports didn't officially incorporate until 1994. Bruton Smith began building SMI in the 1950s when he worked as a race promoter and eventually built Charlotte Motor Speedway in 1959. Smith left the racing business in the early 1960s to pursue other business ventures. He became very successful and by 1975 had owned majority shares in CMS and took over as CEO. A year later he appointed H.A. "Humpy" Wheeler as general manager. Smith began to expand CMS, adding additional grandstands and facilities including condominiums, a first for a sports facility.
In 1990, Smith began to acquire additional speedway properties beginning with Atlanta Motor Speedway. As he did with Charlotte, Smith began expanding seating and facilities at Atlanta. In 1992, lights were added to CMS, making it one of the first speedways to offer night racing, and the company developed the Legends car racing circuit, now called U.S. Legend Cars International. Smith incorporated Speedway Motorsports in December 1994, and in February 24, 1995 took the company public by offering shares of stock, debuting at $18 per share.
In 1996, SMI began to quickly expand, acquiring two additional facilities; Bristol Motor Speedway and Sonoma Raceway. A year later, the company finished construction of the $250 million, 150,000 seat Texas Motor Speedway. Between 1993 and 1998, SMI had increased its total seating capacity from 176,000 to 551,000. In 1999 SMI outbid rival International Speedway Corporation (ISC) to purchase Las Vegas Motor Speedway. Smith had outbid ISC by $15 million to make a total $215 million purchase. That same year, SMI sold the naming rights of its flagship Charlotte Motor Speedway to Lowe's, a $35 million deal that would last until 2009.
Until 1999, Speedway Motorsports was the top track owner in the motorsports industry. That year, International Speedway Corporation, then the second largest track owner, acquired Penske Motorsports, then the third largest track owner. The $623 million deal propelled ISC to the top track owner, and SMI fell to second. Smith then turned his attention towards securing two NASCAR dates at each of his facilities. As of 2011, only four SMI owned tracks hold two NASCAR dates.
SMI purchased North Wilkesboro Speedway and New Hampshire Motor Speedway in 2007, and in 2008 purchased Kentucky Speedway. Today SMI owns nine racing facilities, eight of which are used to host major racing series including NASCAR, IndyCar and NHRA. As of December 31, 2009, the combined total permanent seating capacity was approximately 885,000. SMI owned tracks host 12 of the 36 Monster Energy NASCAR Cup Series races, including three Chase races, plus the Monster Energy NASCAR All-Star Race.
In December 2018, Nashville Fairgrounds Speedway operator Tony Formosa, Jr. reached an agreement with Speedway Motorsports and its main Tennessee track Bristol Motor Speedway to co-operate the facility and make the necessary upgrades for the track to host NASCAR Xfinity Series and NASCAR Gander Outdoors Truck Series races again and continue to host weekly racing events.
In addition to speedway properties, SMI also owns Performance Racing Network, a radio network that broadcasts all NASCAR races at SMI owned tracks. SMI also equally owns Motorsports Authentics, a joint venture formed with International Speedway Corporation, to produce, market and sell licensed motorsports merchandise.
|Track||Location||Facility acreage||Main layout*||Seating capacity||Year opened||Acquired date||Major series|
|Atlanta Motor Speedway||Hampton, GA||820||1.54 miles (2.48 km) quad-oval||71,000||1960||1990||NASCAR|
|Bristol Motor Speedway||Bristol, TN||670||0.533 miles (0.858 km) oval||160,000||1961||1996||NASCAR, NHRA|
|Charlotte Motor Speedway||Concord, NC||1,310||1.5 miles (2.4 km) quad-oval||94,000||1960||1975||NASCAR, NHRA, WoO|
|Kentucky Speedway||Sparta, KY||820||1.5 miles (2.4 km) tri-oval||107,000||2000||May 22, 2008||NASCAR|
|Las Vegas Motor Speedway||Las Vegas, NV||1,030||1.5 miles (2.4 km) D shaped-oval||80,000||1996||1999||NASCAR, NHRA, WoO|
|New Hampshire Motor Speedway||Loudon, NH||1,180||1.058 miles (1.703 km) oval||88,000||1990||November 2, 2007||NASCAR|
|North Wilkesboro Speedway||North Wilkesboro, NC||0.625 miles (1.006 km) oval||40,000||1947||N/A|
|Sonoma Raceway||Sonoma, CA||1,600||1.99 miles (3.20 km) road course||47,000||1968||1996||NASCAR, NHRA|
|Texas Motor Speedway||Fort Worth, TX||1,490||1.5 miles (2.4 km) quad-oval||181,655||1996||1995 (Built)||NASCAR, IndyCar|
|*Some facilities include multiple layouts and multiple tracks including dirt ovals and dragways|
SMI has a history of purchasing tracks to obtain NASCAR race dates. The company's purchases and closures of the tracks in order to obtain a second NASCAR date for Texas Motor Speedway led to the Ferko lawsuit.
North Wilkesboro SpeedwayEdit
In 1996, the company purchased half interest in North Wilkesboro Speedway in North Wilkesboro, North Carolina along with Bob Bahre of New Hampshire International Speedway (now New Hampshire Motor Speedway). SMI moved one of North Wilkesboro Speedway's dates to Texas Motor Speedway and Bob Bahre moved the second date to his facility. On November 2, 2007, SMI purchased NHIS and part of the purchase resulted in SMI gaining full ownership of North Wilkesboro Speedway.
North Carolina SpeedwayEdit
In 2004, as a result of the Ferko lawsuit, SMI gained ownership of the North Carolina Speedway in Rockingham, North Carolina. SMI closed North Carolina Speedway and moved the track's final race date to Texas Motor Speedway. On October 2, 2007, SMI sold North Carolina Speedway at auction. The track was purchased by "Indiana" Andy Hillenburg for $4.4 million, and renamed Rockingham Speedway.
New Hampshire Motor SpeedwayEdit
On November 2, 2007, SMI announced the purchase of New Hampshire International Speedway from Bob Bahre, and renamed the facility New Hampshire Motor Speedway. This has led to speculation that SMI would move one of New Hampshire's dates to Las Vegas Motor Speedway and/or swap the date with the fall race at Texas Motor Speedway (TMS has expressed an interest in moving the fall race away from the first weekend in November, which is also the opening weekend of deer hunting season in Texas). In 2018, the fall race weekend will be moved to Las Vegas.
On May 22, 2008, SMI announced it had purchased Kentucky Speedway from Kentucky Speedway, LLC. It was purchased from Joie Chitwood. The track had been trying to secure a NASCAR Sprint Cup race for several years. SMI was finally victorious in their pursuit, with Kentucky Speedway receiving its inaugural Sprint Cup race on July 9, 2011. It appears this came at the expense of SMI-owned Atlanta Motor Speedway, which dropped from two races to one on the 2011 Sprint Cup schedule.
- Atlanta Motor Speedway, Inc.
- Bristol Motor Speedway, Inc.
- Charlotte Motor Speedway, Inc.
- Las Vegas Motor Speedway LLC
- SPR Acquisition Corporation d/b/a Sears Point Raceway
- Texas Motor Speedway, Inc.
- Speedway Systems LLC d/b/a Finish Line Events
- 600 Racing, Inc.
- INEX Corporation
- The Speedway Club, Inc.
- Oil-Chem Research Corporation
- Speedway Funding Corporation
- Sonoma Funding Corporation
- "History of Speedway Motorsports, Inc". Reference for businesses. Retrieved 27 November 2010.
- "Company Description". Speedway Motorsports. Archived from the original on 21 February 2013. Retrieved 27 November 2010.
- Rau, Nate; Garrison, Joey (December 19, 2018). "Track operator strikes deal with Speedway Motorsports to return NASCAR to Nashville". The Tennessean. Retrieved December 20, 2018.
- "SMI purchasing New Hampshire speedway". Freelibrary. Retrieved 27 November 2010.
- "Speedway Motorsports Agrees to Purchase Kentucky Speedway". May 22, 2008. Archived from the original on July 12, 2012. Retrieved 27 November 2010.
- "Sprint Cup Series to Visit Kentucky Speedway in 2011". Kentucky Speedway. August 10, 2010. Archived from the original on 24 November 2010. Retrieved 27 November 2010.
- "Atlanta Motor Speedway Announces Schedule For 2011 NASCAR Season". August 5, 2010. Archived from the original on 7 August 2010. Retrieved 27 November 2010.