Speedway Motorsports, which owns Lowe’s Motor Speedway and five other major tracks, on Wednesday reported a net loss of $13.6 million for the third quarter.
The Concord-based company said the loss - compared with a profit of $4.7 million in the third quarter of 2006 - was due mostly to the losses of Motorsports Authentics, a merchandising joint venture by Speedway Motorsports and International Speedway Corp.
Speedway Motorsports also has seen lower revenues under NASCAR’s new broadcasting rights agreement. In addition, the company’s net income for the year is down - $58.6 million through September 30, 2007, compared with $82.4 million for the same period in 2006.
Revenues, however, are up. In the third quarter, total revenues were $87.6 million, compared with $84.8 million in 2006. From Jan. 1 to Sept. 30, total revenues were $420.6 million, compared with $419.1 million last year.
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Led by Bruton Smith, Speedway Motorsports recently announced it would buy the New Hampshire International Speedway, giving the company a seventh venue that currently hosts NASCAR races.
Smith also has said that he may close Lowe’s Motor Speedway in Concord and build a new $350 million track elsewhere in the Charlotte region. The possibility emerged after a dispute between Smith and Concord officials over a proposed drag strip at Lowe’s.