Bruton Smith, who in February stepped down as chief executive officer of track operator Speedway Motorsports Inc., has increased the voting power of his three sons in the company.
The 88-year-old Smith has controlled 70.2 percent of the voting stock, and a filing Thursday with the U.S. Securities and Exchange Commission states he now shares that voting power with his sons Marcus, David and Scott as part of a transaction "for business succession purposes."
The individual voting power of each of the sons and their father was not disclosed, and SMI declined to comment on how the voting power is distributed. The filing indicates that Bruton Smith has retained significant oversight of SMI.
The transfer in voting power was done through the sale of an undisclosed number of shares of the privately held Sonic Financial Corporation and OBS Holdings, which combine to own 29 million shares of SMI stock. Bruton Smith, according to the SEC filing, remains as the majority owner and CEO of Sonic Financial Corporation, which controls 57 percent of the SMI voting power.
One of the founders of Charlotte Motor Speedway, and recently voted into the 2016 NASCAR Hall of Fame class, Bruton Smith gave up the CEO and chairman titles of SMI in February, moving to a role as executive chairman while elevating Marcus Smith to the CEO role. SMI plays host to 13 of the 38 Sprint Cup weekends at its eight tracks: Atlanta, Bristol (Tennessee), Charlotte, Kentucky, Las Vegas, New Hampshire, Sonoma (California) and Texas.
Scott Smith is president and David Smith is vice chairman of their father's auto dealership company, Sonic Automotive, where Bruton Smith remains as chairman and CEO.