Accused of breach of contract to the tune of $60 million, Cabarrus County will likely soon lose one of its iconic NASCAR races, the Bank of America 500. The BoA 500 has previously been held at the Charlotte Motor Speedway in Cabarrus County and helps to contribute to the employment of over 3,000 people in the county who rely on tourism. Losing the race would mean a great loss to the local economy; and local politicians are scrambling to salvage the relationship between the race and the county.
Bruton Smith, the NASCAR mogul who is spearheading the charge to move the BoA 500 to Las Vegas, accused Cabarrus County of a material breach of contract in promising $60 million for improvements to the area immediately surrounding the Charlotte Motor Speedway. Smith owns the Charlotte Motor Speedway as well as the Las Vegas Motor Speedway, so he definitely has the ability to make the move if he so chooses. Although Smith himself denies that the decision has been made final, one source says that it is a done deal.
Smith filed a lawsuit against Cabarrus County for failure to complete construction management contracts as well as breach of contract for other developments. The county has yet to come up with the money that was promised to keep the race in Charlotte.
Government may seem quite a large opponent to take on; however, they are subject to the same contractual obligations as any other business entity. An attorney experienced in contract disputes can help to ensure that both sides of a contractual agreement are kept.
Source: WBTV 3 News, “Bruton Smith: 70% chance I“, Chris Dyches, May 20, 2013