Robert Carrier vs. Speedway Motorsports

This case involves a dispute as to exactly what property was leased to the plaintiff, Robert L. "Larry" Carrier. In January, 1996, the plaintiff and his family sold their 100% stock ownership interest in National Raceways, Inc., to the defendant, Speedway Motorsports, Inc. ("SMI"). National Raceways, Inc., operated the well-known Bristol Motor Speedway ("the Speedway"). In conjunction with the sale, the parties executed a lease agreement, wherein SMI leased back a portion of the Speedway's property to the plaintiff. The plaintiff filed suit against SMI and Bristol Motor Speedway, Inc., the new corporate name of National Raceways, Inc., claiming that the defendants had breached the lease by interfering with the plaintiff's leasehold interest. Specifically, the plaintiff claims that the lease covers a 15.54 acre parcel of land lying adjacent to the grandstand at the racetrack. The defendants answered, denying that they had breached the lease and asserting that the subject matter of the lease is limited to three buildings on the 15.54 acre tract rather than to the entire tract. The defendants also filed a counterclaim for an unpaid debt. Following a bench trial, the court found in favor of the plaintiff, concluding that the lease involves the entire parcel of land rather than just the three buildings. It ultimately awarded the plaintiff damages of $2,401,728. The trial court dismissed the defendants' counterclaim. From this judgment, both sides appeal. We affirm the dismissal of the counterclaim, but reverse the trial court's judgment in favor of the plaintiff on the original complaint. That complaint is dismissed at the plaintiff's costs.