Bruton Smith
Encyclopedia
Ollen Bruton Smith is a promoter and owner/CEO of NASCAR
track owner Speedway Motorsports, Inc.
He was ranked #207 on the Forbes 400
list with an estimated worth of $1.5 billion in 2005, and fell to #278 (worth an estimated $1.4 billion) in 2006. He is divorced with four children. He was inducted in the International Motorsports Hall of Fame
in 2007.
. He claims that he beat NASCAR legends Buck Baker
and Joe Weatherly
. He quit racing because his mother wanted him to quit.
in 1959 for $1.5 million, with financing from his wealthy brother-in-law. Well-known racer Curtis Turner
helped with promoting the track. Smith went bankrupt two years later. The track was turned over by Judge J.B. Craven to local furniture store owner Richard Howard, who ran the track and worked it out of its debts (the mortgage was burned publicly in 1967) while Smith moved to Illinois, eventually buying out other shares of stock in the track to regain control in the early 1970s.
He later founded Speedway Motorsports, Inc. (SMI), which owns eight NASCAR tracks that host eleven NASCAR Sprint Cup events. Speedway Motorsports owns Charlotte Motor Speedway
, Atlanta Motor Speedway
, Bristol Motor Speedway
, Infineon Raceway
, Kentucky Speedway
,.SMI Purchasing of Kentucky Speedway Las Vegas Motor Speedway
, New Hampshire Motor Speedway,Speedway Motorsports Purchases New Hampshire International Speedway and Texas Motor Speedway
. He shook up the motorsports world in 1995 when he took the company public and traded it at the New York Stock Exchange
(NYSE). SMI was the first motorsports company traded at the NYSE. Smith is the current chairman and chief executive officer
of Speedway Motorsports.
Smith announced that he would return Labor Day weekend racing to the south beginning in 2009. His Atlanta track will host the event, although it won't be called the traditional Southern 500. Darlington Raceway has beat him to the name.
strip on land close to Charlotte Motor Speedway
. Many residents living near the speedway in the city of Concord, NC opposed this move, stating that it would cause excessive noise and traffic. The city of Concord then changed the zoning around the track, essentially preventing him from being able to build the drag strip. On October 2, 2007, Smith demanded that the Speedway and his surrounding land be unannexed from the city of Concord or he would shut down the speedway, taking hundreds of millions of dollars away from Concord and businesses surrounding it, and move it to a different plot of land within the metropolitan area of Charlotte, North Carolina
. He said that he would be able to finish such a project with $350 million and 11 months. At that time the city council reversed its decision under pressure from both the mayor and NC Gov. Easley.
On November 26, 2007, Mr. Smith announced his intent to retain Charlotte Motor Speedway
in its current location in Concord, NC. His decision was an apparent response to an incentive package offered by the city, county, and state, worth approximately $80 million. As part of the incentives, Speedway Boulevard was renamed to Bruton Smith Boulevard, and will be re-aligned or widened. The package includes three other major road projects near the speedway. Sources of funding for the projects are still under discussion, but could include a sales tax increase for local residents. (source: Charlotte Observer, 11/27/2007, page 1)
, a group of 200 car dealerships across the United States.
minor league baseball
team with Dale Earnhardt
until Dale Earnhardt's unexpected death at the 2001 Daytona 500
.
(the site of NASCAR's first race). The monorail was part of Charlotte's successful bid to secure the NASCAR Hall of Fame
. The monorail would connect the Hall of Fame to Charlotte Motor Speedway, which is owned by Smith's Speedway Motorsports Inc.
with Bob Bahre in 1996. The Speedway was the first to hold a NASCAR
race, and was a popular track with many fans due to its history and the short track, which provided many chances for the "bumping" and "banging" associated with the early days of the sport. However, Smith and Bahre created a controversy when, citing the Speedway's age, lack of modern amenities, and relatively small stadium area, they decided to transfer its two Winston Cup
events to Bahre's New Hampshire International Speedway
and Smith's Texas Motor Speedway
. This move came under criticism from many NASCAR traditionalists, who felt that Smith was moving NASCAR away from its small-town roots in North Carolina, and that he was slighting smaller-venue short tracks, which traditionalists believe better reflect the history of the sport, in favor of the large tracks which allow more fans but provide a less-intimate fan experience. The process of moving NASCAR races away from smaller but historic tracks in the small-town South to much larger tracks nationwide continues to be a source of controversy.
Other criticisms of Smith stem from controversies involving his other speedways. When Atlanta Motor Speedway was reconfigured there was a series of hard crashes in March 1998 and in several race weekends thereafter. His Lowe's Motor Speedway underwent a process called "levigation" for 2005 but the result was a NASCAR-record 22 cautions, mostly for crashes, in the Coca-Cola 600. The initial two seasons of Texas Motor Speedway were riddled with multicar crashes that led to some speculation (reported on ESPN at the time) the track would lose its NASCAR dates. That Smith owns so many speedways is also a target of criticism from fans who feel independent track owners should not be crowded out of the sport.
NASCAR
The National Association for Stock Car Auto Racing is a family-owned and -operated business venture that sanctions and governs multiple auto racing sports events. It was founded by Bill France Sr. in 1947–48. As of 2009, the CEO for the company is Brian France, grandson of the late Bill France Sr...
track owner Speedway Motorsports, Inc.
Speedway Motorsports, Inc.
Speedway Motorsports, Inc. or SMI is an American corporation that owns and manages racing facilities that host NASCAR, IZOD IndyCar Series, NHRA, WoO other racing series. The company's headquarters are located at Charlotte Motor Speedway, in the suburbs of Charlotte, NC. SMI owns nine racing...
He was ranked #207 on the Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list with an estimated worth of $1.5 billion in 2005, and fell to #278 (worth an estimated $1.4 billion) in 2006. He is divorced with four children. He was inducted in the International Motorsports Hall of Fame
International Motorsports Hall of Fame
The International Motorsports Hall of Fame is a Hall of Fame dedicated to enshrining those who have contributed the most to auto racing either as a driver, owner, developer or engineer...
in 2007.
Background
Bruton Smith watched his first race as an eight year old. He bought his first race car at 17. He began promoting stock car event as an 18 year old at Midland, North CarolinaMidland, North Carolina
Midland is a town in southern Cabarrus County in the U.S. state of North Carolina. Located in the south-central portion of the state, it lies in the region known as the Piedmont. The name of the town is derived from its location approximately one-half way between Charlotte and Oakboro on the...
. He claims that he beat NASCAR legends Buck Baker
Buck Baker
Elzie Wylie Baker Sr. , better known as Buck Baker, was an American race car driver.-Racing career:...
and Joe Weatherly
Joe Weatherly
Joseph "Joe" Weatherly was a two-time NASCAR championship driver. Weatherly was inducted into the Motorsports Hall of Fame of America in 2009 after winning NASCAR's Grand National championships in 1962 and 1963, three A.M.A...
. He quit racing because his mother wanted him to quit.
Speedway Motorsports
Smith built Charlotte Motor SpeedwayLowe's Motor Speedway
Charlotte Motor Speedway is a motorsports complex located in Concord, North Carolina, United States 13 miles from Charlotte, North Carolina. The complex features a quad oval track that hosts NASCAR racing including the prestigious Coca-Cola 600 on Memorial Day weekend and the Sprint All-Star Race...
in 1959 for $1.5 million, with financing from his wealthy brother-in-law. Well-known racer Curtis Turner
Curtis Turner
Curtis Turner was an early NASCAR driver. In addition to his success in racing, he made a fortune, lost it, and remade it buying and selling timberlands. Throughout his life he developed a reputation for drinking and partying...
helped with promoting the track. Smith went bankrupt two years later. The track was turned over by Judge J.B. Craven to local furniture store owner Richard Howard, who ran the track and worked it out of its debts (the mortgage was burned publicly in 1967) while Smith moved to Illinois, eventually buying out other shares of stock in the track to regain control in the early 1970s.
He later founded Speedway Motorsports, Inc. (SMI), which owns eight NASCAR tracks that host eleven NASCAR Sprint Cup events. Speedway Motorsports owns Charlotte Motor Speedway
Charlotte Motor Speedway
Charlotte Motor Speedway is a motorsports complex located in Concord, North Carolina, United States 13 miles from Charlotte, North Carolina. The complex features a quad oval track that hosts NASCAR racing including the prestigious Coca-Cola 600 on Memorial Day weekend and the Sprint All-Star Race...
, Atlanta Motor Speedway
Atlanta Motor Speedway
Atlanta Motor Speedway is a track just outside Hampton, Georgia, twenty miles south of Atlanta. It is a quad-oval track with a seating capacity of over 125,000. It opened in 1960 as a standard oval. In 1994, 46 condominiums were built over the northeastern side of the track...
, Bristol Motor Speedway
Bristol Motor Speedway
Bristol Motor Speedway, formerly known as Bristol International Raceway and Bristol Raceway is a NASCAR short track venue located in Bristol, Tennessee. Constructed in 1960, it held its first NASCAR race on July 30, 1961...
, Infineon Raceway
Infineon Raceway
Infineon Raceway, formerly Sears Point Raceway, is a road course and drag strip located on the landform known as Sears Point in the southern Sonoma Mountains near Sonoma, California, USA. The course is a complex series of twists and turns that go up and down the hills...
, Kentucky Speedway
Kentucky Speedway
Kentucky Speedway is a tri-oval speedway in Sparta, Kentucky, which has hosted ARCA, NASCAR and Indy Racing League racing annually since it opened in 2000. The track is currently owned and operated by Speedway Motorsports, Inc. and Jerry Carroll, who, along with four other investors, owned...
,.SMI Purchasing of Kentucky Speedway Las Vegas Motor Speedway
Las Vegas Motor Speedway
Las Vegas Motor Speedway, located in Clark County, Nevada near Las Vegas, is a complex of multiple tracks for automobile racing. The complex is owned by Speedway Motorsports, Inc., which is headquartered in Charlotte, North Carolina.-History:...
, New Hampshire Motor Speedway,Speedway Motorsports Purchases New Hampshire International Speedway and Texas Motor Speedway
Texas Motor Speedway
Texas Motor Speedway is a speedway located in the northernmost portion of the U.S. city of Fort Worth, Texas – the portion located in Denton County, Texas....
. He shook up the motorsports world in 1995 when he took the company public and traded it at the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(NYSE). SMI was the first motorsports company traded at the NYSE. Smith is the current chairman and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Speedway Motorsports.
Smith announced that he would return Labor Day weekend racing to the south beginning in 2009. His Atlanta track will host the event, although it won't be called the traditional Southern 500. Darlington Raceway has beat him to the name.
Charlotte Motor Speedway Controversy
Controversy broke out in September/October 2007 when Smith revealed plans to build a drag racingDrag racing
Drag racing is a competition in which specially prepared automobiles or motorcycles compete two at a time to be the first to cross a set finish line, from a standing start, in a straight line, over a measured distance, most commonly a ¼-mile straight track....
strip on land close to Charlotte Motor Speedway
Charlotte Motor Speedway
Charlotte Motor Speedway is a motorsports complex located in Concord, North Carolina, United States 13 miles from Charlotte, North Carolina. The complex features a quad oval track that hosts NASCAR racing including the prestigious Coca-Cola 600 on Memorial Day weekend and the Sprint All-Star Race...
. Many residents living near the speedway in the city of Concord, NC opposed this move, stating that it would cause excessive noise and traffic. The city of Concord then changed the zoning around the track, essentially preventing him from being able to build the drag strip. On October 2, 2007, Smith demanded that the Speedway and his surrounding land be unannexed from the city of Concord or he would shut down the speedway, taking hundreds of millions of dollars away from Concord and businesses surrounding it, and move it to a different plot of land within the metropolitan area of Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. He said that he would be able to finish such a project with $350 million and 11 months. At that time the city council reversed its decision under pressure from both the mayor and NC Gov. Easley.
On November 26, 2007, Mr. Smith announced his intent to retain Charlotte Motor Speedway
Charlotte Motor Speedway
Charlotte Motor Speedway is a motorsports complex located in Concord, North Carolina, United States 13 miles from Charlotte, North Carolina. The complex features a quad oval track that hosts NASCAR racing including the prestigious Coca-Cola 600 on Memorial Day weekend and the Sprint All-Star Race...
in its current location in Concord, NC. His decision was an apparent response to an incentive package offered by the city, county, and state, worth approximately $80 million. As part of the incentives, Speedway Boulevard was renamed to Bruton Smith Boulevard, and will be re-aligned or widened. The package includes three other major road projects near the speedway. Sources of funding for the projects are still under discussion, but could include a sales tax increase for local residents. (source: Charlotte Observer, 11/27/2007, page 1)
Car dealerships
Smith founded Sonic AutomotiveSonic Automotive
Sonic Automotive, Inc. is a Fortune 300 company based in Charlotte, North Carolina and is one of the largest automotive retailers in the United States. The company was founded by NASCAR track owner Bruton Smith....
, a group of 200 car dealerships across the United States.
Minor league baseball
Smith was a part-owner of the Kannapolis IntimidatorsKannapolis Intimidators
The Kannapolis Intimidators are a minor league baseball team in Kannapolis, North Carolina. The team is a Class Low-A affiliate of the Chicago White Sox and has played in the South Atlantic League under various names and team affiliations since its inception in 1995.-Team history:The Intimidators...
minor league baseball
Minor league baseball
Minor league baseball is a hierarchy of professional baseball leagues in the Americas that compete at levels below Major League Baseball and provide opportunities for player development. All of the minor leagues are operated as independent businesses...
team with Dale Earnhardt
Dale Earnhardt
Ralph Dale Earnhardt, Sr. was an American race car driver, best known for his involvement in stock car racing for NASCAR...
until Dale Earnhardt's unexpected death at the 2001 Daytona 500
Death of Dale Earnhardt
Dale Earnhardt was an American race car driver who gained fame driving stock cars for NASCAR and winning seven championships. He was involved in a car accident during the last lap of the Daytona 500 at Daytona International Speedway on February 18, 2001. He was taken to Halifax Medical Center,...
.
Philanthropy
Smith supports child-related causes with his charity Speedway Children's Charities. He pledged $50 million for a monorail project near the original Charlotte SpeedwayCharlotte Speedway
For the current NASCAR track in Charlotte, North Carolina, see Charlotte Motor Speedway.Charlotte Speedway was the site of NASCAR's first Strictly Stock series race on June 19, 1949. The Daytona Beach Road Course held the first race sanctioned by NASCAR in 1948...
(the site of NASCAR's first race). The monorail was part of Charlotte's successful bid to secure the NASCAR Hall of Fame
NASCAR Hall of Fame
The NASCAR Hall of Fame honors drivers who have shown exceptional skill at NASCAR driving, all-time great crew chiefs and owners, and other major contributors to competition within the sanctioning body. NASCAR committed itself to building a Hall of Fame and on March 6, 2006, the city of Charlotte,...
. The monorail would connect the Hall of Fame to Charlotte Motor Speedway, which is owned by Smith's Speedway Motorsports Inc.
Criticism
Smith purchased a half-interest in the historic North Wilkesboro SpeedwayNorth Wilkesboro Speedway
North Wilkesboro Speedway was a short track that held races in NASCAR's top three series from NASCAR's inception in 1949 until its closure in 1996...
with Bob Bahre in 1996. The Speedway was the first to hold a NASCAR
NASCAR
The National Association for Stock Car Auto Racing is a family-owned and -operated business venture that sanctions and governs multiple auto racing sports events. It was founded by Bill France Sr. in 1947–48. As of 2009, the CEO for the company is Brian France, grandson of the late Bill France Sr...
race, and was a popular track with many fans due to its history and the short track, which provided many chances for the "bumping" and "banging" associated with the early days of the sport. However, Smith and Bahre created a controversy when, citing the Speedway's age, lack of modern amenities, and relatively small stadium area, they decided to transfer its two Winston Cup
NEXTEL Cup
The NASCAR Sprint Cup Series is the top racing series of the National Association for Stock Car Auto Racing . The series was originally known as the Strictly Stock Series and Grand National Series . While leasing its naming rights to R. J...
events to Bahre's New Hampshire International Speedway
New Hampshire International Speedway
New Hampshire Motor Speedway is a oval speedway located in Loudon, New Hampshire which has hosted NASCAR racing annually since the early 1990s, as well as an IndyCar weekend and the oldest motorcycle race in North America, the Loudon Classic...
and Smith's Texas Motor Speedway
Texas Motor Speedway
Texas Motor Speedway is a speedway located in the northernmost portion of the U.S. city of Fort Worth, Texas – the portion located in Denton County, Texas....
. This move came under criticism from many NASCAR traditionalists, who felt that Smith was moving NASCAR away from its small-town roots in North Carolina, and that he was slighting smaller-venue short tracks, which traditionalists believe better reflect the history of the sport, in favor of the large tracks which allow more fans but provide a less-intimate fan experience. The process of moving NASCAR races away from smaller but historic tracks in the small-town South to much larger tracks nationwide continues to be a source of controversy.
Other criticisms of Smith stem from controversies involving his other speedways. When Atlanta Motor Speedway was reconfigured there was a series of hard crashes in March 1998 and in several race weekends thereafter. His Lowe's Motor Speedway underwent a process called "levigation" for 2005 but the result was a NASCAR-record 22 cautions, mostly for crashes, in the Coca-Cola 600. The initial two seasons of Texas Motor Speedway were riddled with multicar crashes that led to some speculation (reported on ESPN at the time) the track would lose its NASCAR dates. That Smith owns so many speedways is also a target of criticism from fans who feel independent track owners should not be crowded out of the sport.
Awards
- Smith was inducted in the International Motorsports Hall of FameInternational Motorsports Hall of FameThe International Motorsports Hall of Fame is a Hall of Fame dedicated to enshrining those who have contributed the most to auto racing either as a driver, owner, developer or engineer...
in 2007. - He was inducted in the North Carolina Business Hall of Fame in 2006.
- He was inducted by the National Motorsports Press Association to the Stock Car Racing Hall of Fame in 2006.
Additional reading
- http://www.nascar.com/2006/news/features/conversation/05/30/bsmith.conversation/index.html May 30, 2006 interview at NASCAR.com