Smith says someone trying to undo $80M deal

CHARLOTTE — Lowe’s Motor Speedway owner Bruton Smith says someone is trying to undo his $80 million incentives deal.

The Charlotte Observer reported Monday that the 81-year-old billionaire said he no longer trusts Concord and Cabarrus County officials.

Smith insists the deal means his company must be compensated within two to three years for fronting the cost of major road upgrades around the track. About three weeks ago, Concord and Cabarrus County officials said it could take up to 40 years to repay most of those costs.

Smith said no timetable had been discussed, and anyone who says otherwise “is a liar and a cheat.”

Last fall, Smith threatened to move the speedway after Concord officials blocked his plans to build a $60 million drag strip across from the speedway.

(Copyright 2008 by The Associated Press. All Rights Reserved.)