Speedway Motorsports, Inc.
 |
|
| Public | |
| Traded as | : TRK |
| Industry | Motorsports |
| Founded | 1994 |
| Headquarters | Concord, North Carolina (at Charlotte Motor Speedway) |
|
Key people
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Bruton Smith, founder and CEO Marcus G. Smith, President and COO |
| Products | Motorsport venues Legends cars |
| Revenue | $570 million USD |
|
Number of employees
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793 (full time) |
| Website | www.speedwaymotorsports.com |
Speedway Motorsports, Inc. (SMI) is an American corporation that owns and manages racing facilities that host NASCAR, IndyCar Series, NHRA, World of Outlaws and other motor racing series. The company's headquarters are located at Charlotte Motor Speedway, in the suburbs of Charlotte, NC. SMI owns nine racing facilities with a combined seating capacity of approximately 885,000. In addition to operating racetracks, SMI owns Performance Racing Network (PRN), U.S. Legends Cars International, and co-owns Motorsports Authentics.
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 circuit, now called U.S. Legend Cars International. Smith incorporated Speedway Motorsports in December 1994, and in February 24th, 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 and Sonoma Raceway. A year later, the company finished construction of the $250 million, 150,000 seat Texas Motor Speedway. 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. 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.
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