Speedway Motorsports To Consult On Quad Cities Project
CONCORD, N.C. (AP) _ Speedway Motorsports Inc. has entered into an agreement that could expand the company’s holdings to include part of another track, this one a facility that is to be built near Joslin, Ill.
The agreement calls for Speedway Motorsports to serve as a consultant on the construction and operation of Quad-Cities Raceway Park, a 1.5-mile track proposed for an 800-acre site near the junction of Interstates 80 and 88.
The pact also grants SMI an option to acquire equity ownership of 40 percent of the new track.
``We may exercise that option,″ Bruton Smith, chairman of Concord-based SMI, said Wednesday.
SMI already owns and operates Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway and Texas International Raceway.
``Bruton Smith coming to Illinois is paramount to Vince Lombardi coming to Green Bay. It’s nothing but a win-win situation,″ said John McChurch, president of Quad-Cities Raceway Park.
McChurch’s plans call for spending $42 million to construct a 1.5-mile oval that would initially accommodate 70,000 fans. A date for groundbreaking is contingent upon Illinois officials approving the backing of development bonds for the project.
``We knew from the beginning that we did not actually have the expertise to build and operate a superspeedway,″ he said.
McChurch said he would like to have Grand National, NASCAR Truck Series, Indy Racing League, AMA Motorcycle, SCCA and ARCA races on the track.
``I haven’t had any conversations with any of the sanctioning bodies about what we will run there,″ Smith said.