Lowe's Motor Speedway Owner Threatens To Close Track

The owner of Lowe's Motor Speedway is threatening to shut down the track and open another one somewhere else.

This comes after city officials in Concord, North Carolina, derailed Bruton Smith's plans to build a drag-racing strip at the site.

This week the city council voted to change zoning to ban drag strips, addressing concerns of nearby residents who worried the noise would disturb their neighborhoods and decrease property values.

Smith says his team has looked at two sites and has been contacted by two more but hasn't said where they are.

Smith says he's prepared to spend the estimated 350 million dollars it would take to shut down Lowe's Motor Speedway and build another track and drag strip elsewhere in the Charlotte area.