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NC speedway owners drop lawsuit as talks continue

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CONCORD, N.C. -- The owners of Lowe's Motor Speedway have dropped their lawsuit against a North Carolina city and county as talks continue on settling a multimillion-dollar incentives deal.

The Charlotte Observer reported Charlotte Motor Speedway and its parent company, Speedway Motorsports Inc., have dropped their lawsuit against Concord and Cabarrus County.

Speedway attorney Jared Gardner says his clients can refile the lawsuit if talks don't work out.

The speedway sued in September, demanding repayment for $4 million worth of road work and other improvements around the Concord track and a nearby dragway.

The local governments had agreed in 2007 to $80 million in incentives to keep the speedway in Concord. The lawsuit was filed after the two sides disagreed over the terms of the incentives.

Information from: The Charlotte Observer

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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