Speedway Motorsports Inc. purchased Kentucky Speedway, clearing the way for SMI owner Bruton Smith to try and bring a coveted NASCAR Sprint Cup race to the 1.5-mile tri-oval in northern Kentucky.
The deal was finalized Wednesday, more than seven months after SMI agreed to buy the track from the speedway ownership group led by Jerry Carroll. According to papers filed with the Securities and Exchange Commission, Smith agreed to pay US$78.3 million for the speedway that cost $152 million to build.
The track regularly hosts NASCAR’s second-tier Nationwide Series, IndyCar series and ARCA events. With crowds of more than 70,000, the speedway is currently the largest venue that hosts a Nationwide event but doesn’t have a Cup race. The track is expected to add 50,000 seats to become more Cup-friendly.
“We are extremely excited about the new opportunities this market is going to bring the company,” said Smith. “Since we announced this acquisition in May, we have been overwhelmed with the response of fans expressing their support and desire for a Sprint Cup event at Kentucky Speedway. We will continue to work with NASCAR to bring a Sprint Cup race to this fine facility as soon as possible.”
