Charlotte Motor Speedway has sold land near its famous track in Concord, North Carolina, to the Hendrick Motorsports racing team, the Charlotte Business Journal reported.
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An entity connected to Hendrick purchased the 20-acre site at 7001 Bruton Smith Blvd. in Concord’s racing hub for $14M late last month.
This is the second sale between the speedway and Hendrick in the last couple of years. In 2023, Hendrick bought more than 82 acres from the speedway for some $23M.
Earlier this year, Hendrick subsidiary Hendrick Motorsports Technical Solutions opened its two-building, 160K SF headquarters near the Concord campus.
The news comes a day after NASCAR announced a settlement agreement with 23XI Racing and co-owner Michael Jordan on Dec. 11 at the federal courthouse in Charlotte.
23XI Racing and Front Row Motorsports Inc. had sued NASCAR in October 2024, accusing it of running a monopoly that curtailed the economic freedom of racing teams.
As part of the settlement, NASCAR agreed to change its charter, or licensing, system for racing teams, among other concessions. Hendrick Motorsports is one of the only teams to possess four charters.
“This moment presents an important opportunity to strengthen our relationships and recommit ourselves to building a collaborative and prosperous future for all stakeholders,” Hendrick team owner Rick Hendrick said in a statement following the settlement.
In late November, the Charlotte City Council approved a $25M deal to renovate the NASCAR Hall of Fame.
Improvements planned for the 16-year-old tourist attraction reportedly include relocating the gift shop and café, adding more event space, obtaining new security screening equipment and creating a dedicated educational space for school groups.
