Closing documents were completed today, finalizing Speedway Motorsports, Inc.'s (NYSE:TRK) purchase of New Hampshire Speedway, Inc. d/b/a New Hampshire International Speedway, from Bob and Gary Bahre for $340 million in cash.
The completed purchase was announced today by O. Bruton Smith, founder, chairman and chief executive officer of Speedway Motorsports, Inc.
Smith also announced, to better align with other SMI-owned speedway brands, New Hampshire International Speedway was being renamed New Hampshire Motor Speedway.
"New Hampshire Motor Speedway is a wonderful addition to our strong portfolio of tracks and provides the opportunity for our company to expand into a new market," said Smith. "Bob and his staff have made this a smooth transition since we announced our agreement in Texas on November 2. We look forward to many successes in our operation of the New Hampshire Motor Speedway."
Earlier, Smith announced the promotion of long-time SMI executive Jerry Gappens to Executive Vice president and General Manager of the facility, which hosts two NASCAR Sprint (formerly NEXTEL) Cup Series events each year. Gappens has relocated from Charlotte, N.C. and has assumed his new duties at the Speedway.
"Thanks to the support of our loyal fans, dedicated sponsors, and wonderful employees, the Speedway has grown more than Gary and I ever could have imagined," said Bob Bahre, former Chairman of the Board. "We are looking forward to working with Bruton, Jerry, and their team and fully supporting them in their efforts to take this to a higher level for our fans."
Bahre will remain associated with the facility he built as a consultant.
Located on approximately 1,100 acres, the multi-use complex is the largest sports facility in New England and features a 1.058-mile oval speedway, with chairback seating for 92,000 spectators, and a 1.6-mile road course.
The Speedway hosts the only NASCAR Sprint Cup Series, NASCAR Nationwide (formerly BUSCH) Series and NASCAR Craftsman Truck Series events in the six-state New England region. Both NASCAR Sprint Cup Series races regularly sell out and exceed the NFL Super Bowl in attendance.
With the addition of New Hampshire Motor Speedway, SMI will own race tracks in the Northeast, Southeast, Southwest, and West, including four of the nation's top-10 metropolitan markets.
Speedway Motorsports, Inc. will promote 13 NASCAR-sanctioned Sprint Cup races in 2008 and nine NASCAR-sanctioned Nationwide Series events. Combined seating for the seven SMI facilities will exceed 850,000 permanent seats.
"The Northeast race fans are incredible in their support of the Speedway and have a great passion for the sport of NASCAR," said Gappens. "We have an outstanding staff, and we are united in our effort to provide a winning experience for our guests when they visit New Hampshire Motor Speedway."
Tickets for all NASCAR events at New Hampshire Motor Speedway, including the LENOX Industrial Tools 301 on June 29 and the SYLVANIA 300 on September 14, are available online at http://www.nhms.com/
or by calling Guest Services at (603) 783-4931.