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Speedway Motorsports: 'Suit Has No Basis'

25 August 2000

Speedway Motorsports: 'Suit Has No Basis'

    CONCORD, N.C., Aug. 24 On Wednesday, August 23, Speedway
Motorsports, Inc. was sued by Crandon Capital Partners for selling
the Industrial Park and undeveloped land at Las Vegas Motor Speedway to the
company's chairman, O. Bruton Smith.  An official company reaction to this
suit follows from H.A. "Humpy" Wheeler, president and chief operating officer
of Speedway Motorsports:

    "This suit has no basis.  The company had unsuccessfully attempted to sell
the property since it was purchased in December 1998, as a part of the
acquisition of Las Vegas Motor Speedway.  The property was sold because of
pressure by investors for the company to get out of the real estate business,
reduce debt, and divest an under-performing asset.  Fortunately, our chairman,
O. Bruton Smith, agreed to take this debt upon himself, thereby reducing the
company's debt, and pay the appraised valued for the property.
    "The sale was absolutely fair and in accordance with all legal
requirements.  The proposed transaction was studied and approved by all of the
company's directors (including, specifically, its "independent directors"),
who considered the transaction to be in the best interest of the company.  The
property was sold at the price established by a real estate appraisal and a
fairness opinion rendered by an investment firm.
    "The response of major institutional investors to the sale was very
positive.
    "The company considers this action to be a 'strike suit' by a company that
has filed a number of actions in the last few years.  The company will defend
the action vigorously, and demand reimbursement of its costs and attorneys'
fees from all responsible parties."