SPARTA, Ky. (AP) Speedway Motorsports Inc. purchased Kentucky Speedway, clearing the way for SMI owner Bruton Smith to try and bring a coveted NASCAR Sprint Cup race to the 1.5-mile tri-oval in northern Kentucky.

The deal was finalized Wednesday, more than seven months after SMI agreed to buy the track from the speedway ownership group led by Jerry Carroll. According to papers filed with the Securities and Exchange Commission, Smith agreed to pay $78.3 million for the speedway that cost $152 million to build.

The track joins a growing portfolio for SMI, which owns seven other NASCAR-sanctioned facilities, including Lowe's Motor Speedway.

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