Speedway Motorsports
| Company type | Private (wholly owned subsidiary) |
|---|---|
| Industry | Motorsport venue ownership and operation |
| Founded | 1994 |
| Founder | Bruton Smith |
| Headquarters | Concord, North Carolina , United States |
Area served | United States |
Key people | Bruton Smith (founder) |
| Products | Motorsport venues, Performance Racing Network, U.S. Legend Cars International, Motorsports Authentics (shared ownership) |
| Owner | Sonic Financial Corporation (Smith family) |
| Parent | Sonic Financial Corporation |
Speedway Motorsports, LLC is a U.S.-based enterprise specializing in ownership and operation of motorsport venues that host events such as NASCAR, NHRA, World of Outlaws, among others. Established by Bruton Smith, the company’s main office is located at Charlotte Motor Speedway in Concord, North Carolina. Speedway Motorsports manages nine racing complexes with a total seating capacity nearing 885,000 spectators. Additionally, the firm holds ownership of Performance Racing Network (PRN), U.S. Legend Cars International, and shares ownership of Motorsports Authentics.
Following a 25-year tenure listed on the New York Stock Exchange as Speedway Motorsports, Inc. (SMI), the corporation was privatized in September 2019 and currently functions as a wholly owned subsidiary under Sonic Financial Corporation, which is controlled by the Smith family. The "SMI" designation continues to be used informally.
History
Although officially incorporated in 1994, Speedway Motorsports’ origins date back to Bruton Smith’s early career as a race promoter in the 1950s and his construction of Charlotte Motor Speedway (CMS) in 1959. After exploring other business ventures during the 1960s, Smith regained majority control of CMS by 1975 and appointed H.A. "Humpy" Wheeler as general manager in 1976. Under Smith’s leadership, CMS expanded with additional grandstands and introduced condominiums—the first such residential development at a sports facility.
Beginning in 1990, Smith broadened his portfolio by acquiring Atlanta Motor Speedway and upgrading its infrastructure. By 1992, CMS pioneered night racing by installing lighting systems and launched the Legends car racing series (now known as U.S. Legend Cars International). Speedway Motorsports went public in February 1995 with an initial share price of $18.
From 1996 through 1999, SMI accelerated its expansion by acquiring Bristol Motor Speedway and Sonoma Raceway, alongside constructing the $250 million Texas Motor Speedway with seating for 150,000 fans. The total seating capacity across their venues increased from 176,000 in 1993 to 551,000 by 1998. In 1999, SMI secured Las Vegas Motor Speedway through a $215 million purchase after outbidding International Speedway Corporation (ISC), which subsequently surpassed SMI as the largest track owner following its acquisition of Penske Motorsports. That same year, Charlotte Motor Speedway entered a $35 million naming rights agreement with Lowe's.
SMI’s strategy emphasized obtaining two NASCAR race dates per track; by 2011, four of their tracks hosted dual race weekends. The company expanded further by acquiring North Wilkesboro Speedway and New Hampshire Motor Speedway in 2007 and Kentucky Speedway in 2008. Presently, SMI owns nine racing venues that host premier series including NASCAR, IndyCar, and NHRA events. Their facilities accommodate thirteen NASCAR Cup Series races—including four playoff contests—and the NASCAR All-Star Race.
In late 2018, SMI collaborated with Tony Formosa Jr., operator of Nashville Fairgrounds Speedway, to enhance the venue for NASCAR Xfinity and Truck Series races as well as weekly competitions. Discussions with the City of Nashville resumed in 2020 aiming to secure NASCAR events by 2022; however, no races took place that year although negotiations continued.
Following NASCAR’s announcement that Circuit of the Americas (COTA) would begin hosting national series races in 2021, SMI took over management responsibilities for the NASCAR weekend at COTA.
Beyond operating racetracks, SMI owns Performance Racing Network (PRN), which broadcasts all NASCAR events held at its tracks. The company also co-owns Motorsports Authentics with ISC to develop and market officially licensed motorsport merchandise.
Facilities owned
| Track | Location | Facility acreage |
Primary layout* |
Seating capacity |
Year opened |
Year acquired | |
|---|---|---|---|---|---|---|---|
| Atlanta Motor Speedway | Hampton, Georgia | 820 | 1.54 miles (2.48 km) quad-oval | 71,000 | 1960 | 1990 | |
| Bristol Motor Speedway | Bristol, Tennessee | 670 | 0.533 miles (0.858 km) oval | 146,000 | 1961 | 1996 | |
| Charlotte Motor Speedway | Concord, North Carolina | 1,310 | 1.5 miles (2.4 km) quad-oval | 94,000 | 1960 | 1975 | |
| Dover Motor Speedway | Dover, Delaware | 1 mile (1.6 km) oval | 58,500 | 1969 | 2021 | ||
| Kentucky Speedway | Sparta, Kentucky | 820 | 1.5 miles (2.4 km) tri-oval | 107,000 | 2000 | 2008 | |
| Las Vegas Motor Speedway | Las Vegas, Nevada | 1,030 | 1.5 miles (2.4 km) D-shaped-oval | 80,000 | 1996 | 1999 | |
| Nashville Superspeedway | Lebanon, Tennessee | 1.333 miles (2.145 km) D-shaped-oval | 38,000 | 2001 | 2021 | ||
| New Hampshire Motor Speedway | Loudon, New Hampshire | 1,180 | 1.058 miles (1.703 km) oval | 88,000 | 1990 | 2007 | |
| North Wilkesboro Speedway | North Wilkesboro, North Carolina | 49 | 0.625 miles (1.006 km) oval | 18,000 | 1947 | ||
| Sonoma Raceway | Sonoma, California | 1,600 | 1.99 miles (3.20 km) road course | 47,000 | 1968 | 1996 | |
| Texas Motor Speedway | Fort Worth, Texas | 1,490 | 1.5 miles (2.4 km) quad-oval | 100,000 | 1996 | Built | |
| |||||||
Key acquisitions
A core element of SMI’s growth plan involves purchasing racetracks to secure NASCAR event dates. Among these transactions and subsequent closures was the controversial effort to obtain a second NASCAR race at Texas Motor Speedway that led to the Ferko lawsuit.
North Wilkesboro Speedway
In the year 1996, SMI acquired a fifty percent stake in North Wilkesboro Speedway in partnership with Bob Bahre of New Hampshire International Speedway (currently New Hampshire Motor Speedway). One race date was moved by SMI to Texas Motor Speedway while Bahre transferred the other to his own track. By November 2007, SMI had gained full control of North Wilkesboro Speedway after purchasing NHIS.
North Carolina Speedway
Following the legal dispute known as the Ferko lawsuit in 2004, SMI took ownership of North Carolina Speedway located in Rockingham and subsequently shut it down to reassign its final race date to Texas Motor Speedway. The facility was later auctioned off in October 2007 and sold for $4.4 million to Andy Hillenburg who renamed it Rockingham Speedway.
New Hampshire Motor Speedway
SMI completed the purchase of New Hampshire International Speedway from Bob Bahre on November 2, 2007, rebranding it as New Hampshire Motor Speedway. This deal led to speculation about relocating one of New Hampshire’s race dates either to Las Vegas Motor Speedway or swapping with the fall event at Texas Motor Speedway (TMS showed interest in rescheduling due to conflicts with local deer hunting season). Ultimately, in 2018 the fall race was officially moved to Las Vegas.
Kentucky Speedway
Speedway Motorsports, Inc. acquired Kentucky Speedway from Kentucky Speedway, LLC on May 22, 2008. After persistent efforts to bring a NASCAR Sprint Cup race to the venue, the track held its first event on July 9, 2011. This development coincided with Atlanta Motor Speedway, another SMI property, reducing its NASCAR Cup Series events from two to one that same year. In September 2020, it was announced that Kentucky Speedway would be excluded from the 2021 NASCAR Cup Series calendar, with its race date being reassigned back to Atlanta Motor Speedway.
Dover Motorsports
Dover Motorsports, Inc. (previously known as Dover Downs Entertainment) was a privately held corporation headquartered in Dover, Delaware. It owned several racing facilities, most notably Dover International Speedway, a 1-mile concrete oval track with seating for 95,500 spectators, which opened in 1969. The company also managed Nashville Superspeedway, a 1.333-mile concrete oval located in Lebanon, Tennessee.
The firm formerly possessed Memphis Motorsports Park, a 0.75-mile asphalt tri-oval situated in Tennessee; this venue ceased operations in October 2009 and was subsequently sold after remaining inactive. Additionally, Dover Motorsports owned Gateway International Raceway in Illinois until its sale in 2011. Following unsuccessful attempts to divest Nashville Superspeedway, the track was reopened in 2021 to host a NASCAR race weekend that replaced an event previously held at Dover International Speedway.
On November 8, 2021, Speedway Motorsports announced its acquisition of Dover Motorsports at a cash price of $3.61 per share, valuing the transaction at roughly $131.5 million. The deal concluded in December, incorporating Dover International Speedway and Nashville Superspeedway into SMI’s portfolio.
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