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| SMI's Bruton Smith |
Now,
SMI owner/CEO Bruton Smith wants that suit reinstated.
Lawyers
for SMI will appear before a three-judge panel in the NC State Court of Appeals
tomorrow to argue that county officials made a verbal commitment in 2007 to
provide those incentives, after Smith threatened to move Charlotte Motor Speedway’s
thriving motorsports complex to South Carolina. City and county officials
offered an appeasement package at that time, renaming the road adjoining the
track “Bruton Smith Boulevard” and offering a series of tax breaks worth an
estimated $80 million.
That
agreement was never put to paper until a year later, however, after the drag strip
had already been built. Terms of the written agreement would have required SMI
to wait up to 40 years for full reimbursement of infrastructure and facility
improvements, and Smith sued in 2009, claiming that the county “has received
what it bargained for, and seeks now to avoid its return promise."
Attorneys
for the county insist it was Smith’s decision to build the drag strip before
finalizing their agreement, adding, "This was an agreement to agree, which
is not an agreement at all.”
The
motorsports industry generates an estimated $6 billion dollars of revenue per
year in North Carolina, much of it in Cabarrus County, which is home for a
majority of NASCAR Sprint Cup, Nationwide and Camping World Truck Series teams.
SMI – which owns eight tracks hosting NASCAR Sprint Cup Series events
nationwide -- reported profits of $42.1 million last year on revenues of $490
million.
The
three-judge panel will meet tomorrow to determine whether the suit should be
reinstated. A decision is not expected until June or July.
Bruton Smith wants his cake and eat it to. I am a race fan and a tax payer. I feel that we should not be asked to assist in paying for these tracks and stadiums for these sporting events. We pay more than enough to get into these events and now you want us to help build these for a man that should take his own risk in building these tracks. Suck it up Bruton!
ReplyDeleteRich guys want everything for free or they'll take their marbles and go home. What a shame this guy is like this. But he isn't alone. The uber rich demand everything and give nothing to help the little guy. I won't be going to Zmax (he even got them to pay for the naming rights) again that's for sure.
ReplyDeleteWouldn't it be nice if there were more tracks where you could feel good about lining the track owners pockets? I love Charlotte Motor Speedway but I feel a little sick paying any money to Bruton (and miss Humpy). Haven't been back to NHIS since he bought it since Friday practice tickets were almost as much as the cheapest grandstand ticket for Sunday the one time i went. (Though i took the tour at NHIS and recommend it...and can't wait to go to the museum)
ReplyDeleteAnonymous, phooey. I do agree that taxpayers money should NEVER fund sports complexes, whether it directly or through tax "incentives". Ol' Bruton makes millions, let him pay for his race tracks his-ownself.
ReplyDeleteI empathize with Bruton. I felt the same way Bruton does now when he decided not to refund money to Kentucky ticket holders that were turned away from the 1st race. His excuse... "I don't feel like it". Maybe Cabarrus County, NC doesn't feel like it. I second the motion to suck it up Bruton.
ReplyDeleteI'm a huge fan of the sport , live in Cabarrus county . I used to attend 7-8 cup races a year . Between Bruton throwing a fit over ZMAX and SMI'S outrageous ticket prices I stopped going to their tracks .Charlotte, Richmond, and ,Bristol . I still go to events but only ISC tracks . Daytona , Martinsville , and my favorite Darlington . Love your show and keep up the good work .
ReplyDeleteIF THEY COMMITTED THE FUNDS THEY SHOULD PAY UP THERE IS A LOT OF OTHER WORSE TAX DEALS IN THE US THAN THAT ONE
ReplyDelete