USA International Speedway president Billy Martino has confirmed the Lakeland, Florida racetrack has been sold and will close permanently after this weekends racing events.

"It's gonna be our last race," Martino said of this weekends Sunbelt Super Late Model race. Martino would not share details but said the track has been sold and an offical statement would be forthcoming on Monday, August 4, 2008.

Martino said the track would be torn down and that warehouses would be built on the site. "It happened fast. It wasn't planned," Martino said. "The current owners had a chance to get out and with no potential sponsors, it was probably a good business decision."

According to the Polk County Property Appraiser's Office, the speedway was purchased in May '07 by USA International Speedway Holdings LLC, of Clearwater, Florida for $6.2 million. The track site includes 47 acres and has a taxable value of just under $2 million.

Cup Series driver and Lakeland, Florida native Joe Nemechek was surprised at the news his hometown track will be closing.

"Really?" asked Nemechek when he heard the news. "That's awful. I can't believe that. That's a shame. I would have never thought that. Lakeland Speedway, when they reopened that place, we ran the 1st race there. My brother John and I, we raced a lot of races there and won a lot of races there," Nemechek stated.

An auction will be held at the speedway August 9, 2008. Fans will be invited to bid on pieces of the tracks history. Martino said everything, down to the pens on his desk, would be for sale. The only possible exception to that might be the concrete slab that is dedicated to the Nemechek family. Martino said the slab would be given to the Nemechek family if they wanted it. "That's pretty cool that they even thought about that," Nemechek said.