Kentucky Speedway has the distinction of being the only superspeedway in the United States to open in the year 2000.
The $152 million dollar state-of-the-art facility, developed and co-owned by Jerry Carroll, is a 1.5-mile tri-oval with 14-degree banking in the turns and lighting for night racing.
Phase I will have 65,989 grandstand seats, 50 luxury suites, a 210 seat, private, glass-enclosed restaurant and a 2,000-seat exterior club.
Phase II, which will include a dirt track and drag-strip racing facilities, can expand the 1.5-mile venue to 120,000 seats with 120 luxury suites on the 1,000-acre site.
Location: 35 miles south of Cincinnati in Sparta, Ky.
KENTUCKY SPEEDWAY SEEKS STATE MONEY FOR EXPANSION
February 19, 2009
Copyright 2009 MediaVentures
Lexington, Ky. - Kentucky Speedway wants the state to help foot the bill for a planned $75 million expansion designed to lure a NASCAR Sprint Cup race next year.
State lawmakers will consider a proposal in coming weeks to provide hefty tax incentives - perhaps about $19 million - to help expand the 72,000-seat track in Sparta.
The expansion would add 50,000 seats to the facility, triple the number of restrooms, add more concessions, provide more parking and build more roads, said Bruton Smith, chairman and chief executive officer of Speedway Motorsports Inc., which owns Kentucky Speedway. Smith said the economic impact to Kentucky could be as much as $200 million.
Smith said he thinks Kentucky Speedway could land a Sprint Cup race next year, but added that he might have to move a date from one of the other tracks he owns to make it happen. Either way, the track must host a Sprint Cup race to get the incentives, Gov. Steve Beshear said in a Capitol news conference. The Sprint Cup Series is the top racing series for the National Association for Stock Car Auto Racing.
The proposed incentive package would add a new category to the Kentucky Tourism Development Act. It would allow Speedway Motors to recover up to 25 percent of expansion costs over 20 years.
Under the proposed legislation, the projects must conduct events that are in the top league, series or sanctioned level of their sport, provide permanent seating for 65,000 spectators and be broadcast nationally.
The venue previously must have been approved for incentives and the expansion project must exceed $30 million and host one or more "premier events" not previously held in Kentucky.
Adkins said more details of the proposal must be worked out, including what the cap should be on the incentives. (Lexington Herald Leader)
NASCAR PREVAILS IN APPEAL OF KENTUCKY TRACK CASE
December 17, 2009
Copyright 2009 MediaVentures
Louisville, Ky. - A U.S. Circuit Court of Appeals has affirmed a lower court ruling that supported NASCAR and International Speedway Corp. in a lawsuit brought by the former owners of Kentucky Speedway.
The former owners filed suit in 2005 claiming NASCAR (a private company owned by the France family) and ISC (a public company that operates tracks and whose majority of voting stock is owned by the Frances) violated antitrust laws and hurt independent tracks by working in tandem and with other companies to control which tracks host Cup races.
The case was dismissed last year after a U.S. District Court judge excluded testimony from Kentucky Speedway's experts. In the opinion of the court, that left the Speedway without proof of relevant markets and not enough evidence to proceed, and thus NASCAR's motion for summary judgment was granted.
The former owners could appeal to the U.S. Supreme Court or seek review before the full appeals court. They also could ask the three-judge panel to reconsider.
The decision could help the track's current owner, Speedway Motorsports Inc., bring a Sprint Cup race to the facility sooner rather than later. NASCAR had said that it would not consider holding a Sprint Cup race at Kentucky Speedway until the litigation was resolved.