Lowe's Out As Charlotte Speedway Title Sponsor

((HT: That's Racin/Valle))

Lowe's will end its 11-year deal as the Lowe's Motor Speedway's title sponsor, the company confirmed today.

It was rumored earlier this month that the Mooresville home-improvement retailer would remove its name from the Concord track ((pictured, thanks Davie Hinshaw/Charlotte Observer)) after its agreement, worth $35 million over the past decade, expires at the end of the year.

It's unclear what the track will be called after the contract expires, though it's been speculated that it would become the Charlotte Motor Speedway unless Speedway Motorsports Inc. lines up another title sponsor.

“When Lowe's entered into this marketing relationship in 1999, it was during the time of our company's rapid national expansion, and Lowe's Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and consumers across the country,” Robert Gfeller, senior vice president of marketing and advertising at Lowe's, said in a news release issued today. “... However, marketing strategies change, and it was time after 11 years to direct our marketing resources in other areas.”

In the same statement, speedway president and general manager Marcus Smith said Lowe's has been a “tremendous partner” and that the track would continue working with the retailer to accomplish its marketing goals.

Lowe's spokeswoman Chris Ahearn said officials from both companies are still discussing what future sponsorship opportunities could look like.

The Lowe's sponsorship was the first of its kind at a major U.S. racing facility. The only other NASCAR tracks with title sponsors are Infineon Raceway in Sonoma, Calif., which is also owned by Speedway Motorsports Inc., and Auto Club Speedway in Fontana, Calif.