ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, November 14, 1996 TAG: 9611140054
SECTION: SPORTS PAGE: B-3 EDITION: METRO
DATELINE: CHARLOTTE, N.C.
SOURCE: Knight-Ridder/Tribune
Speedway Motorsports Inc., led by Charlotte businessman Bruton Smith, added Sears Point Raceway in California to its roster of tracks in a deal announced Wednesday.
The addition of the 2.52-mile, 11-turn road course, site of a NASCAR Winston Cup event each May, gives Smith control of the only Winston Cup date in the San Francisco-Oakland-San Jose market, the nation's fifth-largest. The track is about 40 miles north of San Francisco near the Sonoma Valley wine country.
Sears Point joins Charlotte, Atlanta and Bristol (Tenn.) Motor Speedways, plus Texas International Raceway, in Speedway Motorsports Inc. Eight of the 32 events on the Winston Cup schedule for 1997 will be run at Speedway Motorsports tracks.
The company also owns 50 percent of North Wilkesboro Speedway and has a joint development and management agreement with Quad-Cities International Raceway Park in Illinois, now under construction. Speedway Motorsports has an option to buy up to 40 percent of the Illinois facility.
Smith said during a news conference at the Charlotte track that the company he leads ``will close Monday'' on the ``purchase of all the tangible and intangible assets at Sears Point.''
The Charlotte-based motorsports conglomerate bought the track from Californian Steve Burke, who said he was selling to spend more time with his wife and four young children.
Smith, honoring Burke's wishes, did not divulge a purchase price.
The San Francisco Chronicle reported in Wednesday's edition that Smith plans to build an oval track at the Sears Point site.
Smith refuted that - at least for now.
``We have nothing to announce,'' he said. ``Our intention is to make improvements to the existing track and facilities. We like to build things.
``Our first goal is to make the road course better and improve parking and race traffic.''
LENGTH: Short : 47 lines KEYWORDS: AUTO RACINGby CNB