The sale of Kentucky Speedway to Speedway Motorsports Inc. is on track to be completed this fall.
SMI announced Thursday that it will proceed with its acquisition of the 1.5-mile tri-oval located in northern Kentucky about halfway between Louisville and Cincinnati. The two sides reached an agreement in May, and SMI completed a 90-day review earlier this month. The company expects the sale to be completed by December.
SMI president Bruton Smith says the sale allows SMI to expand its geographic reach and is optimistic he can bring a NASCAR Sprint Cup race to the track. SMI owns seven tracks throughout the country that host Sprint Cup events: Texas Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway, New Hampshire Motor Speedway, Las Vegas Motor Speedway, Infineon Raceway and Atlanta Motor Speedway.
Smith had hoped the track would land a Sprint Cup race in 2009, but cited an ongoing antitrust lawsuit filed by the speedway against NASCAR and International Speedway Corp. as an obstacle.
The case was thrown out in January, but an appeal has been filed and current track owner Jerry Carroll said he has no intentions of abandoning the case.
-- The Associated Press