SMI FACES LAWSUIT OVER SALE OF LAND IN LAS VEGAS TO SMITH

          A group of shareholders of Speedway Motorsports Inc.
     (SMI) has filed a lawsuit against the company, "contending
     the racetrack operator wasted money when it sold a valuable
     tract of land" at a 25% discount to company Chair Bruton
     Smith, according to Leslie Gross Klaff of the CHARLOTTE
     OBSERVER.  Crandon Capital Partners argues the company's
     sale of the land adjacent to the Las Vegas Motor Speedway
     for $53.3M "constitutes a breach of fiduciary duty and
     corporate waste."  SMI's BOD gave Smith a $17M discount on
     land the shareholders estimate is worth $70M.  Crandon
     Capital Partners asked a judge to "rescind the sale, order
     directors to reimburse the company for losses and direct
     Speedways officials to establish better controls over
     company assets."  Klaff notes that Crandon Capital Partners
     "has a history of filing lawsuits against companies in which
     it holds stock" (CHARLOTTE OBSERVER, 8/24).