Speedway Motorsports, LLC is an American company that owns and manages
auto racing
Auto racing (also known as car racing, motor racing, or automobile racing) is a motorsport involving the racing of automobiles for competition.
Auto racing has existed since the invention of the automobile. Races of various sorts were organise ...
facilities that host races sanctioned by
NASCAR
The National Association for Stock Car Auto Racing, LLC (NASCAR) is an American auto racing sanctioning and operating company that is best known for stock car racing. The privately owned company was founded by Bill France Sr. in 1948, and ...
,
IndyCar Series
The IndyCar Series, currently known as the NTT IndyCar Series under sponsorship, is the highest class of regional North American open-wheel single-seater formula racing cars in the United States, which has been conducted under the auspices o ...
,
NHRA
The National Hot Rod Association (NHRA) is a drag racing governing body, which sets rules in drag racing and hosts events all over the United States and Canada. With over 40,000 drivers in its rosters, the NHRA claims to be the largest motorsp ...
,
World of Outlaws and other racing series. The company was founded by
Bruton Smith and has its headquarters at
Charlotte Motor Speedway, in
Concord, North Carolina, just north of Charlotte. Speedway Motorsports owns nine racing facilities with a combined
seating capacity
Seating capacity is the number of people who can be seated in a specific space, in terms of both the physical space available, and limitations set by law. Seating capacity can be used in the description of anything ranging from an automobile that ...
of approximately 885,000. In addition to operating racetracks, Speedway Motorsports owns
Performance Racing Network (PRN), U.S. Legend Cars International, and co-owns Motorsports Authentics.
After trading for 25 years on the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
, where it was known as Speedway Motorsports, Inc. (SMI), the company was taken private in September 2019, and today is a wholly owned subsidiary of Sonic Financial Corporation, itself owned by members of Bruton Smith's family. The "SMI" abbreviation is still sometimes used colloquially.
History
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
Legends car racing is a style of auto racing designed primarily to promote exciting racing and to keep costs down. The race car bodyshells are 5/8-scale replicas of American automobiles from the 1930s and 1940s, powered by Yamaha XJ1250, FJ1200 ...
circuit, now called U.S. Legend Cars International. Smith incorporated Speedway Motorsports in December 1994, and on 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
Bristol Motor Speedway, formerly known as Bristol International Raceway and Bristol Raceway, is a NASCAR short track venue located in Bristol, Tennessee. Constructed in 1960, it held its first NASCAR race on July 30, 1961. Bristol is among the m ...
and
Sonoma Raceway
Sonoma Raceway (originally known as Sears Point Raceway from 1967 to 1980 and 1982 to 2002, Golden State International Raceway in 1981 and Infineon Raceway from 2002 to 2012) is a road course and dragstrip located at Sears Point in the southe ...
. A year later, the company finished construction of the $250 million, 150,000 seat
Texas Motor Speedway
Texas Motor Speedway is a speedway located in the northernmost portion of the U.S. city of Fort Worth, Texas – the portion located in Denton County, Texas. The reconfigured track measures with banked 20° in turns 1 and 2 and banked 24 ...
. 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
Las Vegas Motor Speedway, located in Clark County, Nevada in Las Vegas, Nevada about 15 miles northeast of the Las Vegas Strip, is a complex of multiple tracks for motorsports racing. The complex is owned by Speedway Motorsports, Inc., which is ...
. 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
North Wilkesboro Speedway is a short oval racetrack located on U.S. Route 421, about east of the town of North Wilkesboro, North Carolina, or 80 miles north of Charlotte. It measures and features a unique uphill backstretch and downhill fr ...
and
New Hampshire Motor Speedway
New Hampshire Motor Speedway is a oval speedway located in Loudon, New Hampshire, which has hosted NASCAR racing annually since 1990, as well as the longest-running motorcycle race in North America, the Loudon Classic. Nicknamed "The Magic Mil ...
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 13 of the 36
NASCAR Cup Series races, including four races in the
NASCAR playoffs, plus the
NASCAR All-Star Race
The NASCAR All-Star Race, formerly known as The Winston from 1985 to 2003, the Nextel All-Star Challenge from 2004 to 2007, the Sprint All-Star Race from 2008 to 2016, and the Monster Energy NASCAR All-Star Race from 2017 to 2019, is an annual NAS ...
.
In December 2018,
Nashville Fairgrounds Speedway
Nashville Fairgrounds Speedway is a motorsport racetrack located at the Nashville Fairgrounds near downtown Nashville, Tennessee. The track is the second-oldest continually operating track in the United States. The track held NASCAR Grand Natio ...
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 Camping World Truck Series races again and continue to host weekly racing events. Efforts were renewed in late 2020 as SMI and Bristol launched negotiations with the
City of Nashville with the goal of hosting NASCAR races as early as 2022. The track ultimately did not hold races in 2022, although talks between both parties continued.
When NASCAR announced that
Circuit of the Americas
Circuit of the Americas (COTA) is a Grade 1 FIA-specification motor racing track and facilities located within the extraterritorial jurisdiction of Austin, Texas, in the United States. The facility is home to the Formula One United States G ...
in Austin, Texas, would host the national series beginning in 2021, SMI assumed management responsibilities for the
NASCAR at COTA race weekend.
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.
Facilities owned
Notable purchases
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 Speedway
In 1996, the company purchased half interest in
North Wilkesboro Speedway
North Wilkesboro Speedway is a short oval racetrack located on U.S. Route 421, about east of the town of North Wilkesboro, North Carolina, or 80 miles north of Charlotte. It measures and features a unique uphill backstretch and downhill fr ...
in
North Wilkesboro, North Carolina along with
Bob Bahre of New Hampshire International Speedway (now
New Hampshire Motor Speedway
New Hampshire Motor Speedway is a oval speedway located in Loudon, New Hampshire, which has hosted NASCAR racing annually since 1990, as well as the longest-running motorcycle race in North America, the Loudon Classic. Nicknamed "The Magic Mil ...
). SMI moved one of
North Wilkesboro Speedway
North Wilkesboro Speedway is a short oval racetrack located on U.S. Route 421, about east of the town of North Wilkesboro, North Carolina, or 80 miles north of Charlotte. It measures and features a unique uphill backstretch and downhill fr ...
's dates to
Texas Motor Speedway
Texas Motor Speedway is a speedway located in the northernmost portion of the U.S. city of Fort Worth, Texas – the portion located in Denton County, Texas. The reconfigured track measures with banked 20° in turns 1 and 2 and banked 24 ...
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 Speedway
In 2004, as a result of the Ferko lawsuit, SMI gained ownership of the
North Carolina Speedway in
Rockingham, North Carolina
Rockingham is a city in Richmond County, North Carolina, United States, named after the Marquess of Rockingham. The population was 9,558 at the 2010 census. It is the county seat of Richmond County.
The city is the home of Rockingham Speedway, f ...
. SMI closed North Carolina Speedway and moved the track's final race date to
Texas Motor Speedway
Texas Motor Speedway is a speedway located in the northernmost portion of the U.S. city of Fort Worth, Texas – the portion located in Denton County, Texas. The reconfigured track measures with banked 20° in turns 1 and 2 and banked 24 ...
. 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 Speedway
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
Las Vegas Motor Speedway, located in Clark County, Nevada in Las Vegas, Nevada about 15 miles northeast of the Las Vegas Strip, is a complex of multiple tracks for motorsports racing. The complex is owned by Speedway Motorsports, Inc., which is ...
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 was moved to Las Vegas.
Kentucky Speedway
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. It was announced in September 2020 that Kentucky Speedway would not return for the
2021 NASCAR Cup Series
The 2021 NASCAR Cup Series was the 73rd season for NASCAR professional stock car racing in the United States and the 50th season for the modern era Cup Series. The season started at Daytona International Speedway with the Busch Clash, whe ...
schedule, and its date would be given back to Atlanta Motor Speedway.
Dover Motorsports
Dover Motorsports, Inc. (formerly Dover Downs Entertainment) was a company that owned several
auto racing
Auto racing (also known as car racing, motor racing, or automobile racing) is a motorsport involving the racing of automobiles for competition.
Auto racing has existed since the invention of the automobile. Races of various sorts were organise ...
circuits in the United States. The company was based in
Dover, Delaware, the home of its flagship track
Dover International Speedway
Dover Motor Speedway (formerly Dover Downs International Speedway and later Dover International Speedway) is a race track in Dover, Delaware. The track has hosted at least one NASCAR Cup Series race each year since 1969, including two per year ...
, a concrete oval with a seating capacity of 95,500 that opened in 1969. The company formerly owned the
Dover Downs
Bally's Dover Casino Resort, formerly Dover Downs, is a hotel, casino, and racetrack complex in Dover, Delaware. It has a harness horse racing track, which is surrounded by Dover Motor Speedway, a concrete track used for NASCAR motor racing ...
harness racing track adjacent to the Dover speedway. Dover Motorsports also operated
Nashville Superspeedway
Nashville Superspeedway is a motor racing complex located in Gladeville, Tennessee, United States (though the track has a Lebanon postal address), about southeast of Nashville. The track was built in 2001 and is currently hosting the Ally 400, ...
, a 1.333-mile concrete oval track in
Lebanon, Tennessee.
Dover Motorsports owned
Memphis Motorsports Park
Memphis International Raceway (formerly known as Memphis Motorsports Park) was an auto racing park located near the Loosahatchie River in Shelby County, Tennessee, United States, just approximately ten miles south of Millington, and a few miles ...
, a 0.75-mile tri-oval asphalt short track in
Millington, Tennessee
Millington is a city in Shelby County, Tennessee, United States, and is a part of the Memphis metropolitan area. As of the 2010 census, it had a population of 10,176. Millington was granted the title "Flag City Tennessee" by the Tennessee Stat ...
, but closed the track in October 2009 to competition. It was later sold to
Palm Beach International Raceway
Palm Beach International Raceway (stylized as PBIR and formerly Moroso Motorsports Park) was a motorsports facility located west of Jupiter, Florida. The facility had a quarter-mile drag strip, a road course, 7/10-mile kart track as well as mud ...
after sitting unused for over a year. Dover also owned
Gateway International Raceway
World Wide Technology Raceway (formerly Gateway International Raceway and Gateway Motorsports Park) is a motorsport racing facility in Madison, Illinois, just east of St. Louis, Missouri, United States, close to the Gateway Arch. It features a ...
, a 1.25-mile egg-shaped asphalt oval track in
Madison, Illinois
Madison is a city in Madison and St. Clair counties in the U.S. state of Illinois. The population was 3,891 at the 2010 census. It is home to World Wide Technology Raceway at Gateway and the first Bulgarian Orthodox church in the United States.
...
, which was sold in 2011. After attempts to sale Nashville Superspeedway, the venue reopened in 2021 and hosted a NASCAR race weekend, replacing one of the race weekends at Dover International Speedway.
On November 8, 2021, Speedway Motorsports announced that it had agreed to purchase
Dover Motorsports
Speedway Motorsports, LLC is an American company that owns and manages auto racing facilities that host races sanctioned by NASCAR, IndyCar Series, NHRA, World of Outlaws and other racing series. The company was founded by Bruton Smith and has ...
, owner of
Dover International Speedway
Dover Motor Speedway (formerly Dover Downs International Speedway and later Dover International Speedway) is a race track in Dover, Delaware. The track has hosted at least one NASCAR Cup Series race each year since 1969, including two per year ...
and
Nashville Superspeedway
Nashville Superspeedway is a motor racing complex located in Gladeville, Tennessee, United States (though the track has a Lebanon postal address), about southeast of Nashville. The track was built in 2001 and is currently hosting the Ally 400, ...
at the time, for $3.61 per share in cash for an approximate total equity value of $131.5 million. The deal closed in December, with SMI gaining full control of the two tracks.
Principal subsidiaries
;Tracks
*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.
*Dover Motor Speedway, Inc.
*Nashville Superspeedway, Inc.
;Other
*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
Principal competitors
*
International Speedway Corporation
References
External links
Official websiteCompany profile
{{Authority control
NASCAR
Entertainment companies of the United States
Companies based in Charlotte, North Carolina
Entertainment companies established in 1959
Companies formerly listed on the New York Stock Exchange
Concord, North Carolina
1995 initial public offerings
American companies established in 1959
1959 establishments in North Carolina