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Lowe's will not renew sponsorship with speedway

By Jonathan Coleman | Independent Tribune

Published: August 7, 2009

In a press release posted to the company's Web site late Thursday, Lowe's Companies Inc. announced it will not extend its naming rights to Lowe's Motor Speedway when its contract with Speedway Motorsports Inc. expires at the end of 2009.

The announcement ends nearly a week of speculation about the Concord track, and an 11-year run for the speedway under the Lowe's name.

"When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country," Robert J. Gfeller, Lowe's senior vice president of marketing and advertising wrote in the release. "We've enjoyed a great partnership with SMI over the years. However, marketing strategies change and it was time after 11 years to direct our marketing resources in other areas."

The release said both Lowe's and SMI were continuing discussions about other ways the two could partner moving forward.

"Lowe's has been a tremendous partner for Speedway Motorsports and their corporate involvement has strengthened our sport for NASCAR fans," said Marcus Smith, president and general manager of Lowe's Motor Speedway. "We look forward to moving in new directions to help them accomplish their marketing goals in 2010 and beyond."

When the original agreement was completed, it marked the first such deal in NASCAR history. The 10-year, $35 million deal ran through 2008, with officials working out a one-year extension through 2009.

Speedway officials have not made any announcement about what the speedway might be called in the future, but some reports have suggested the track could revert back to Charlotte Motor Speedway, a name it held for 40 years after opening in 1959.

In addition to its dealings with SMI, Lowe's is also known throughout the NASCAR world for its sponsorship of driver Jimmie Johnson's No. 48 car. Lowe's is expected to renegotiate its deal with Hendrick Motorsports, which owns the car, later this year.