Charlotte Motor Speedway sues over $80M deal

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RALEIGH, N.C. (AP) — The mogul behind the Charlotte Motor Speedway is trying to resurrect his lawsuit against local officials, claiming they reneged on an offer of $80 million in incentives for upgrades and a new drag strip.

A three-judge state Court of Appeals panel will hold a closed-door discussion Tuesday to determine whether the lawsuit will be heard by a jury.

A judge last year dismissed the lawsuit by Concord-based Speedway Motorsports Inc. and Charlotte Motor Speedway, both headed by racing magnate Bruton Smith. They're suing Cabarrus County, which says an incentives deal announced in 2007 wasn't put in writing until the day after a new drag strip opened the following year.

If the judges side with the county, Speedway Motorsports could have to wait up to 40 years to be reimbursed for the upgrades.

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