Bruton Smith, SMI file suit against city, county over track debt

Bruton Smith is no stranger to gamesmanship, and now he's stepped up an ongoing battle with the city of Concord and Cabarrus County over money owed to Charlotte Motor Speedway.

In October 2007, the governments pledged to pay $80 million toward upgrades and other incentives. At the time, Smith had threatened to leave if he couldn't develop what became the zMax Dragway. The negotiations resulted in the counties developing a plan of road improvements and other assistances.

However, the problem was that there was no formal agreement in place. Smith apparently believed that the majority of the money, $60 million, would be paid within three years, and the rest within six years, but government officials countered that they had expected the money would be paid out over up to 40 years.

Smith had originally filed suit to receive the money in September 2009, but dropped the suit last June as negotiations continued. SMI is now seeking a judgment requiring the governments to formalize their agreement, as well as pay damages for breaching the initial agreement.

Charlotte Motor Speedway refiles lawsuit against Concord [WBTV.com]

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