Speedway Motorsports, Inc. is proceeding with the purchase of Kentucky Speedway, company officials announced today. 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. NASCAR has stated it cannot allow realignment of an existing Sprint Cup Series race date until the anti-trust litigation among NASCAR, International Speedway Corporation and the current ownership of Kentucky Speedway is resolved.
Although the time frame for resolution is uncertain, Speedway Motorsports will continue to work with NASCAR to schedule a Sprint Cup Series date at the facility. Located on 820 acres in Sparta, Kentucky, just south of Cincinnati, Kentucky Speedway features a 1.5-mile tri-oval speedway, with chair-back grandstand seating for 66,089 spectators, 50 luxury suites with seats for approximately 2,000, private RV spaces, and reserved and unreserved camping spaces. - smi pr