Speedway Motorsports, Inc. is proceeding with the purchase of Kentucky Speedway, company officials announced today.

The company entered an agreement to purchase the NASCAR track in May and was allowed 90 days to conduct due diligence. That period expired Aug. 18 and SMI 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. The purchase price listed in May was $78.3 million, which included $63.3 million in assumed debt.

Kentucky Speedway has hosted Nationwide and Craftsman Truck series races in the past and Bruton Smith, chairman and CEO of SMI has stated his company’s intent to move a Cup race to the track.

“Moving forward on Kentucky Speedway allows our company to expand its geographic reach into the motorsports hotbed of the Midwest,” Smith said.

“We are optimistic about being able to promote a Sprint Cup series event at Kentucky Speedway. Once we secure a Sprint Cup series event, we plan to expand seating capacity and host some of the largest crowds in the Midwest. Kentucky Speedway entertained sellout crowds for NASCAR Nationwide Series and IndyCar racing events this year. With a Sprint Cup date, season ticket sales, seat licenses and corporate sponsorship opportunities will increase tremendously.”

SceneDaily.com

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