The SportsBusiness Journal reports Mooresville, North Carolina based Lowe's Home Improvement does not plan to renew its naming rights contract with Speedway Motorsports to have the Lowe's brand name on the 1.5 mile Lowe's Motor Speedway located in Concord, North Carolina.

According to Lowe's Motor Speedway general manager Marcus Smith the deadline for ongoing talks is five months away.

"Both companies have benefited as strategic partners for 11 years and we are finishing a one-year extension," Smith said in a statement. "Currently, we're still working on and discussing the components of another extension to continue our relationship. Those components have not been finalized, but the process is moving along and we are confident to have this completed in the near future."

The original deal between Lowe's and Speedway Motorsports ran through 2008 with the two companies agreeing to a one year extension that will end in December. Marcus Smith negotiated the naming rights in 1999 with Lowe's in what was reported to be $35 million for the 10 year deal.

The speedway was known as the Charlotte Motor Speedway from 1960 until 1999.

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