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Ollen Bruton Smith (born 1927 in Oakboro, North Carolina) is a promoter and owner/CEO of NASCAR track owner Speedway Motorsports, Inc. The billionaire was ranked #207 on the Forbes 400 list with an estimated worth of $1. Year 1927 ( MCMXXVII) was a Common year starting on Saturday (link will display full calendar of the Gregorian calendar. Oakboro is a town in Stanly County, North Carolina, United States. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator The National Association for Stock Car Auto Racing ( NASCAR) is the largest sanctioning body of Stock cars in the United States. The Forbes 400 or 400 Richest People (first published in 1982) is a list published by Forbes Magazine of the Wealthiest 400 Americans 5 billion in 2005,[1] and fell to #278 (worth an estimated $1. 4 billion) in 2006. [2] He is divorced with four children. He was inducted in the International Motorsports Hall of Fame in 2007. 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

Contents

Background

Bruton Smith watched his first race as an eight year old. [1][3] He bought his first race car at 17. [3][4] He began promoting stock car event as an 18 year old at Midland, North Carolina. Midland is a town in in southern Cabarrus County and a very small part of Mecklenburg County North Carolina in the U [3][4] He claims that he beat NASCAR legends Buck Baker and Joe Weatherly. Elzie Wylie Baker Sr better known as Buck Baker ( March 4, 1919 in Richburg South Carolina - April 14, 2002 in Charlotte Joe Weatherly ( May 29, 1922 - January 19, 1964) was a two-time NASCAR championship driver [3][4] He quit racing because his mother wanted him to quit. [4][3]

Business Involvement

Speedway Motorsports

Smith built Charlotte Motor Speedway (now Lowe's Motor Speedway) in 1959 for $1. Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is a speedway in Concord North Carolina, north of Charlotte. 5 million, [4] with financing from his wealthy brother-in-law. [3] Well-known racer Curtis Turner helped with promoting the track. Curtis Turner ( April 12 1924  &ndash October 4 1970) was an early NASCAR driver [3] Smith went bankrupt two years later. [1] 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 publically in 1967) while Smith moved to Illinois, eventually buying out other shares of stock in the track to regain control in the early 1970s. [5]

He later founded Speedway Motorsports, Inc. (SMI), which owns eight NASCAR tracks that host eleven NASCAR Sprint Cup events. [1] Speedway Motorsports owns Lowe's Motor Speedway in Charlotte, Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Kentucky Speedway,. Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is a speedway in Concord North Carolina, north of Charlotte. Atlanta Motor Speedway (formerly Atlanta International Raceway) is an Intermediate track in Hampton Georgia, twenty miles (32 km south of Bristol Motor Speedway, originally known as Bristol International Raceway and Bristol Raceway is a NASCAR short track located in Bristol 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 Kentucky Speedway is a motor speedway located in north-central Kentucky near the community of Sparta Kentucky; approximately halfway between Louisville Kentucky [6] Las Vegas Motor Speedway, New Hampshire Motor Speedway,[7] and Texas Motor Speedway. Las Vegas Motor Speedway, located in Clark County, Nevada, just outside Las Vegas, is a 1200 acre (4 New Hampshire Motor Speedway is a oval speedway located in Loudon New Hampshire which has hosted NASCAR racing annually since the early 1990s as Texas Motor Speedway is a speedway located in the northernmost portion of the U [8] He shook up the motorsports world in 1995 when he took the company public and traded it at the New York Stock Exchange (NYSE). The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. [8] SMI was the first motorsports company traded at the NYSE. [9] Smith is the current chairman and chief executive officer of Speedway Motorsports. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator

Lowes Motor Speedway Controversy

A big controversy broke out in September/October 2007 when Smith was revealing plans to build a drag racing strip on land close to Lowes Motor Speedway. Drag racing is a competition in which objects compete to be the first to cross a set finish mark usually from a dead stop and in a straight line Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is a speedway in Concord North Carolina, north of Charlotte. Many residents near the speedway in the city of Concord, NC opposed this move, stating that it would cause excessive noise and traffic. Concord (kän-kord is a city in the US state of North Carolina. 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 Lowes Motor 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 city of Charlotte, North Carolina. Events 1187 - Siege of Jerusalem: Saladin captures Jerusalem after 88 years of Crusader rule Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. He said that he would be able to finish such a project with $350 million and 11 months. [10] At that time the city council reversed it's decision under pressure from both the mayor and NC Gov. Easley. The local government of Concord recently suggested renaming a major street "Bruton Smith Blvd. "

On November 26, 2007, Mr. Smith announced his intent to retain Lowes Motor Speedway in its current location in Concord, NC. Lowe's Motor Speedway (formerly Charlotte Motor Speedway) is a speedway in Concord North Carolina, north of Charlotte. Concord (kän-kord is a city in the US state of North Carolina. His decision was an apparent response to an incentive package offered by the city, county, and state, worth approximately $80 million. In the incentives, Speedway Boulevard will be 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 Automotive, a group of 200 car dealerships across the United States. 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 [4]

Minor league baseball

Smith was a part-owner of the Kannapolis Intimidators minor league baseball team with Dale Earnhardt until Dale Earnhardt's unexpected death at the 2001 Daytona 500. The Kannapolis Intimidators is a Minor league baseball team in Kannapolis North Carolina. Part of the History of baseball series Minor league baseball is a hierarchy of Professional baseball leagues in North Ralph Dale Earnhardt Sr ( April 29, 1951 &ndash February 18, 2001) was an American race car driver best known for his career driving The death of Dale Earnhardt Sr on February 18, 2001 was a significant event in NASCAR and American sporting history which resulted in the

Philanthropy

Smith supports child-related causes with his charity Speedway Children's Charities. [1] He pledged $50 million for a monorail project near the original Charlotte Speedway (the site of NASCAR's first race). For the current NASCAR track in Charlotte North Carolina see Lowe's Motor Speedway. [1] The monorail was part of Charlotte's successful bid to secure the NASCAR Hall of Fame. The NASCAR Hall of Fame will honor drivers who have shown exceptional skill at NASCAR driving all-time great crew chiefs and owners and other major contributors to the sport The monorail would connect the Hall of Fame to Lowe's Motor Speedway, which is owned by Smith's SMI. [11]

Criticism

Smith purchased a half-interest in the historic North Wilkesboro Speedway with Bob Bahre in 1996. North Wilkesboro Speedway is a Short track that held races in NASCAR's top three series from NASCAR's inception in 1949 until its closure 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. The National Association for Stock Car Auto Racing ( NASCAR) is the largest sanctioning body of Stock cars in the United States. 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. New Hampshire Motor Speedway is a oval speedway located in Loudon New Hampshire which has hosted NASCAR racing annually since the early 1990s as Texas Motor Speedway is a speedway located in the northernmost portion of the U 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 spectulation (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

Additional reading

References

  1. ^ a b c d e f #207 Ollen Bruton Smith. Forbes. Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João
  2. ^ #278 Ollen Bruton Smith. Forbes (September 21, 2006). Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly Events 1217 - The Estonian tribal leader Lembitu of Lehola was killed in a battle against Teutonic Knights. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João
  3. ^ a b c d e f g Bruton Smith on Racing's Past, Present & Future (interview with Bruton Smith); May 6, 2005; Retrieved October 5, 2007
  4. ^ a b c d e f Jeff Wolf (June 5, 2005). Events 1527 - Spanish and German troops sack Rome; some consider this the end of the Renaissance. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 869 - The Fourth Council of Constantinople is convened to decide about what to do about Patriarch Photius of Constantinople Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Bruton Smith makes motorsports his playground. Las Vegas Review-Journal. The Las Vegas Review-Journal is published in Las Vegas Nevada, United States Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João
  5. ^ See Benyo, Richard, SUPERSPEEDWAY: The Story Of NASCAR Grand National Racing, 1977
  6. ^ SMI Purchasing of Kentucky Speedway
  7. ^ Speedway Motorsports Purchases New Hampshire International Speedway
  8. ^ a b Jim Dunn (April 26, 2007). Events 1467 - The miraculous image in Our Lady of Good Counsel appear in Genazzano, Italy. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Bruton Smith pioneered the art of race promotion. The Birmingham News. The Birmingham News is the principal daily Newspaper for Birmingham Alabama, United States, and the largest newspaper in Alabama. Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João
  9. ^ a b Bruton Smith. International Motorsports Hall of Fame (2007). 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 Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-05-07. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 558 - In Constantinople, the dome of the Hagia Sophia collapses
  10. ^ http://www.charlotte.com/109/story/303156.html
  11. ^ Smith proposes monorail in N.C. Hall of Fame push. USA Today (May 24, 2005). USA TODAY is a national American daily Newspaper published by the Gannett Company. Events 1218 - The Fifth Crusade leaves Acre for Egypt. 1276 - Magnus Ladulås is crowned Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João
  12. ^ Bruton Smith worthy of Hall honors. Charlotte Observer (January 21, 2006). The Charlotte Observer, serving Charlotte North Carolina and its metro area, is the largest newspaper in terms of circulation in North Events 1189 - Philip II of France and Richard I of England begin to assemble troops to wage the Third Crusade. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Retrieved on 2007-05-03. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1491 - Kongo monarch Nkuwu Nzinga is baptised by Portuguese missionaries adopting the baptismal name of João

External links

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