Speedway Motorsports, Inc. (SMI) filed a lawsuit late in the day yesterday against the city of Concord, NC and Cabarrus County where Lowe’s Motor Speedway and the new zMAX Dragway are located.

Bruton Smith, the Chairman and CEO of SMI, reportedly says that the city and county owe his company for improvements they have made to the area around the speedway including road, pedestrian, utility and noise abatement projects. The suit shows that SMI has paid $4 million so far for these improvements.

The money was supposedly promised to SMI two years ago while his company and the city and county were arguing over the proposed construction of the new dragway.

Smith threatened to relocate to another area which would take millions of dollars away from the city. The elected officials changed their minds and allowed the construction to proceed as well as naming the main road to the track after Smith and reportedly offered him this incentive plan for the improvements.

Now, the city and county are supposedly saying that the multi-million dollar reimbursement plan was to be paid over 40 years. A long period of time considering the improvements were begun quickly and would be a fairly continuous project.

If Concord and Cabarrus County do not pay SMI, it is unsure whether Lowe’s Motor Speedway and the new zMAX Dragway will stay in the area.

Smith requested a jury trial in the suit and city and county officials have 60 days to respond.

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