From the Kentucky Speedway
(September 2008) In May 2008, Speedway Motorsports entered into an agreement to acquire Kentucky Speedway from Kentucky Speedway LLC, pending a 90-day period to conduct due diligence. The period expired Aug. 18, and the company has decided to move forward with the acquisition, subject to satisfaction of remaining closing conditions. The acquisition is expected to close in the fourth quarter of this year, most likely in December.
Photo by Don Ward
founder and co-owner
Jerry Carroll watches
the IndyCar driver introductions Aug. 9
for his last time as
owner of the track.
Moving forward on Kentucky Speedway allows our company to expand its geographic reach into the motorsports hotbed of the Midwest, said O. Bruton Smith, founder, chairman and chief executive officer of Speedway Motorsports, Inc.
We are optimistic about being able to promote a Sprint Cup Series event at Kentucky Speedway. 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 racing events this year. With a Sprint Cup date, season ticket sales, seat licenses and corporate sponsorship opportunities will increase tremendously.
Kentucky Speedway will join an outstanding lineup of SMI facilities. The company also owns and operates Atlanta Motor Speedway; Bristol Motor Speedway in Bristol, Tenn.; Infineon Raceway in Sonoma, Calif.; Las Vegas Motor Speedway; Lowes Motor Speedway in Concord, N.C.; New Hampshire Motor Speedway, in Loudon, N.H.; and Texas Motor Speedway in Ft. Worth, Texas.
At the Aug. 9 IndyCar Series race weekend, which closed out the 2008 season, track employees said they did not know whether they would still have a job there next year. No meetings had been held about their future because the sale is still being negotiated, said communications director Tim Bray.
Kentucky Speedway founder Jerry Carroll said that the sale would go through, despite recent reports to the contrary. He has been offered a consultant position with the new management team, but he told the RoundAbout that he was uncertain if he would accept it.
Ive got other projects to do now, he said, without elaborating.
In late August, Kentucky Speedway officials announced they had secured 2009 race dates for the NASCAR Nationwide Series on June 13, the NASCAR Craftsman Truck Series on July 18 and the IndyCar Series on Aug. 1. No announcement has yet been made regarding the ARCA RE/MAX Series races, which have traditionally taken place in May and July.
Major League of Monster Trucks Series event that had initially been scheduled for Sept. 20 was cancelled due to the pending sale of the track.