According to a dispatch from SportsBusiness Journal, Lowe’s has signed on to be a sponsor of the NASCAR Hall of Fame. The $195m. venue is slated to open in May and the city of Charlotte has already taken out a $21.5m. loan to provide cash for pre-opening expenses. That loan is supposed to be paid back with corporate sponsorship money which has been hard to find. Until now.
Lowe’s is supposedly set to sponsor three elements of the much-hyped expansion of the Charlotte convention center: the Kid’s Zone, Transporter, and Pit Road features. No dollar amount has yet to be released in connection with the deal. But the terms of the loan the city took out requires $93,000 in annual interest payments.
Mooresville-based Lowe’s had its name on Bruton Smith‘s Speedway Motorsports superspeedway in Concord for 11 years. The track now has reverted to its old name, Charlotte Motor Speedway.
Should be interesting to see how Bruton reacts to losing a top sponsor — $35m. over 10 years — to his long-time rivals in the France family.
