• 73°

SMI wants to become private NASCAR track operator

CHARLOTTE (AP) — The parent company of Speedway Motorsports Inc. has made an offer to acquire all of its outstanding common stock, the second move of its kind involving one of the key racetrack operators in NASCAR in the past five months.

Sonic Financial Corp. has offered to buy back all outstanding SMI stock for $18 per share. The stock closed at $13.94 on Tuesday and the 52-week high for the stock was $18.36.

Bruton Smith is the founder and majority stakeholder in SMI, which operates eight tracks that host NASCAR Cup Series races. Smith and his family also own Sonic.

NASCAR in November offered to acquire all the outstanding shares of Class A and B common stock of International Speedway Corp. not already owned by the controlling shareholders of NASCAR. ISC has 12 tracks that host 21 Cup events. SMI has 13 Cup events, and the NASCAR schedule is 38 races.

If the ISC and SMI deals go through, the two top track operators in NASCAR will become private companies. That could ease any restructuring of the stagnant stock car racing series.

In a letter Sonic sent to the SMI board of directors, the company noted “NASCAR racing has faced several challenges in recent years, and the company has been impacted by these challenges. NASCAR has indicated the sport would benefit from structural change.”

SMI believes it will be better positioned during a NASCAR overhaul as a private company.

___

More AP auto racing: https://apnews.com/apf-AutoRacing

Comments

Crime

Man faces kidnapping, assault charges after woman escapes at Webb Road Flea Market

Local

Natoli promoted to assistant county manager, will retain human resources director title

Education

Attendance restriction lifted for RSS graduation ceremonies

Business

Rowan Chamber of Commerce will host in-person Power in Partnership on Thursday

Business

Rowan EDC will undergo name change, alter board requirements with updates to bylaws

Nation/World

Israel strikes Gaza tunnels as truce efforts remain elusive

Nation/World

Supreme Court to take up major abortion rights challenge

Nation/World

Biden boosting world vaccine sharing commitment to 80M doses

Crime

Man charged for stowing away on Norfolk Southern train, impeding railroad operations

Local

Group will protest treatment of Georgia woman during 2019 traffic stop

Crime

Man overdoses at Piedmont Correctional Institute

Crime

Sheriff’s Office: Two men escape from jail, found in bushes on Fulton Street

Ask Us

Ask Us: When will North Martin Luther King Jr. Avenue be resurfaced?

Local

Political Notebook: Rowan’s lawmakers pass 140 bills into the opposite chamber before deadline

Local

Police chief to present use of force policy; city manager to present 2021-22 budget

Crime

Blotter: Rockwell man arrested on charges of felony larceny, possession of stolen vehicle

Coronavirus

CDC director says mask turnaround based solely on science

News

Catawba College hosts three in-person commencement ceremonies

Local

With high case loads causing numerous staff departures, Child Protective Services seeks more positions

Education

Livingstone College graduates celebrate ‘crossing the finish line’ during commencement celebration

Coronavirus

Rowan sees 4 new COVID-19 deaths as mask mandate lifted, vaccines administered continue decline

Local

Spencer is latest town updating its development ordinance

Local

Salisbury native Kristy Woodson Harvey makes NY Times bestseller list

Local

Board of Commissioners will convene for third time in May