James P. Holden and Marcus G. Smith Join Speedway Motorsports Board of Directors

CONCORD, N.C.--Feb. 1, 20049, 2004--Speedway Motorsports, Inc. today announced that James P. Holden, former chief executive officer and president of DaimlerChrysler and Marcus G. Smith, executive vice president of national sales and marketing for Speedway Motorsports (SMI), joined the Company's Board of Directors.

Holden and Smith were unanimously elected at the Board of Directors meeting in Charlotte, North Carolina. The election is subject to approval by the Company's stockholders at the Company's Annual Meeting scheduled for April 21, 2004.

Speedway Motorsports also announced today that the Board unanimously appointed William R. Brooks to the position of executive vice president and chief financial officer and Marcus G. Smith to the position of executive vice president of national sales and marketing. The Company also appointed Eddie Gossage to president of Texas Motor Speedway and James Scudder to the position of chief accounting officer of Speedway Motorsports.

"Mr. Holden will provide a valuable, independent resource to our current Board of Directors," stated O. Bruton Smith, chairman and chief executive officer of Speedway Motorsports. "Mr. Smith and Mr. Brooks have demonstrated leadership skills and have contributed to our growth. The announced enhancements to our Board and management structure will provide the foundation for continued success of the Company. We look forward to the contributions of these gentlemen in helping SMI grow and increase stockholder value."

Holden, 52, recently completed 27 distinguished years in the automotive industry including 19 with DaimlerChrysler, and its predecessor, Chrysler Corp. Highlights of his career include being named president of DaimlerChrysler in 1999 and chief executive officer in June 2000. Holden served in many various positions during his career at Chrysler including executive vice president-sales and marketing responsible for directing all of the automaker's sales, fleet and marketing organizations in the United States, Mexico and Canada, including Mopar parts operations. He also serves on the board of Sirus Satellite Radio and is a trustee of Western Michigan University.

Smith, 30, joined the Company in 1996 as a sales associate at Lowe's Motor Speedway. In 1999, after the successful completion of the first naming rights agreement in the motorsports industry, the renaming of Charlotte Motor Speedway to Lowe's Motor Speedway, Smith was promoted to manager of new business development for SMI and named vice president of business development in 2001.

Brooks, 54, has been vice president, treasurer and chief financial officer of SMI since its organization in December, 1994. Brooks joined Sonic Financial, an entity owned by O. Bruton Smith, from PriceWaterhouseCoopers in 1983. During Brooks' career with SMI, the Company has grown from two to six speedways. Earnings per share have grown from $0.24 for the year ended December 31, 1994 to $1.43 for the year ended December 31, 2002.

Gossage, 45, has been vice president and general manager of Texas Motor Speedway since 1995. Before that appointment, he was vice president of public relations at Lowe's Motor Speedway from 1989 to 1995. Gossage previously worked at Miller Brewing Company in its Motorsports public relations program and served in various public relations and managerial capacities at two other NASCAR-sanctioned speedways.

Scudder, 46, has been controller of the Company since 1996. He joined SMI from PriceWaterhouseCoopers, where he was Senior Account Manager, after a 12 year career in public accounting.

Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premiere facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway, Las Vegas Motor Speedway, Infineon Raceway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiary, and manufacturers and distributes smaller-scale, modified racing cars though its 600 Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to more than 725 stations nationwide. For more information visit the Company's website at www.gospeedway.com.