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Speedway may get name change
Photo by James Nix
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Published: July 31, 2009
Updated: 07/31/2009 03:43 pm
CONCORD - Mooresville-based Lowe's Home Improvement may not renew its naming rights contract with Speedway Motorsports to have its brand name on Lowe's Motor Speedway in Concord.
Lowe's and Speedway Motorsports have been in talks to turn a one-year extension into something more substantial, but the SportsBusiness Journal reports that Lowe's plans on dropping its name from the speedway, citing unnamed sources
The deadline is five months away and the two sides are still in talks, said Marcus Smith, vice president of SMI and general manager of the speedway.
"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 -- 10 years at $35 million -- ran through 2008, with a one-year extension into 2009.
If a naming rights deal isn't reached, the speedway's name may revert to its original – Charlotte Motor Speedway – even though it is geographically located in Concord and Cabarrus County.
"I have no quarrel with the speedway taking advantage of the Charlotte location and recognition," said Concord Mayor Scott Padgett.
Over the years, though, Padgett said he has worked hard to make sure "the dateline in the media is accurate and that the location is Concord," but he said he hopes Lowe's and SMI can come to an agreement or if SMI gets another corporate sponsor.
"I know the economy is tough," Padgett said, "If they aren't able to work that out … they own the company, they own the speedway."
The naming agreement, when reached in 1999, was the first of its kind in NASCAR. The speedway, build in 1959 by SMI CEO Bruton Smith, has been known for many firsts – the first nighttime NASCAR race under a state-of-the-art lighting system and trackside condominiums.
The block-letter Lowe's corporate logo is widely seen in NASCAR. The hardware and home improvement company is the sole sponsor of Jimmie Johnson's No. 48 car. Lowe's will be renegotiating its sponsorship contract with Hendrick Motorsports later in the year.
"We've had a very positive relationship with Speedway Motorsports since the agreement began in 1999," said Chris Ahearn, vice president of public relations for Lowe's. "It was a time of rapid expansion for the company and it got our name out to racing fans in markets where we may not have been as well-known.
"It has been a win-win experience and we're still discussing what the future might look like," Ahearn said.
Contact Web reporter Ben McNeely: 704-789-9131
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