CONCORD, N.C. – Speedway Motorsports Inc. and Sonic Financial Corp. have confirmed the acquisition of all outstanding SMI stocks, officially making SMI a private company.
SMI is the ownership group of eight tracks that host the Monster Energy NASCAR Cup Series, including Charlotte Motor Speedway, Las Vegas Motor Speedway, Texas Motor Speedway, Atlanta Motor Speedway, Bristol Motor Speedway, Kentucky Speedway, New Hampshire Motor Speedway and Sonoma Raceway.
According to a press release issued by SMI and Sonic Financial, the sale closed Tuesday. Each outstanding share being valued at $19.75 per share. More than 11 million shares were outstanding, bringing the value of the deal to more than $225 million.
Bruton Smith and his family own and control Sonic Financial and are the primary owners of Speedway Motorsports Inc. The deal to go private means the company no longer answers to share holders and the organization won’t have to report its finances publicly.
A similar deal is currently in the works to have all outstanding shares of the International Speedway Corp. sold to NASCAR. Both companies are mainly owned by the France family.