ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, July 10, 1996 TAG: 9607100049
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
DATELINE: CONCORD, N.C.
Speedway Motorsports Inc. said Tuesday it will buy a Bristol, Tenn., drag strip from Kentucky businessman Rick Ruth.
The auto racetrack operator's stock rose 6 percent, gaining $1.50 a share, closing at $28.75 on the New York Stock Exchange. Tuesday's trading of 116,300 shares was almost double the stock's three-month daily average.
Speedway didn't disclose details of its purchase of Bristol International Dragway, a racetrack known as ``Thunder Valley'' and the site of the International Hot Rod Association's Spring Nationals and Fall Nationals.
Concord, N.C.-based Speedway also owns and operates the Bristol Motor Speedway, next to Bristol International Dragway. Bristol Motor Speedway and Speedway's Atlanta Motor Speedway host the Nascar Winston Cup races.
Speedway said the new track will host events, act as an entrance and exit and accommodate parking for events at Bristol Motor Speedway.
Bill Brooks, chief financial officer of Speedway, said the purchase of the new property probably won't affect financial results much, but will enhance its current operations.
``It's a very strategic purchase,'' Brooks said. ``It will serve a lot of purposes, and it's important to the growth of our company.''
Speedway purchased Bristol Motor Speedway in January from owner Larry Carrier for an undisclosed amount.
Drag racing drew attendance of about 2.4 million last year, making it the third most popular form of car racing. |-Bloomberg Business News
LENGTH: Short : 41 lines KEYWORDS: AUTO RACINGby CNB