CONCORD, N.C. -- Bruton Smith has reached an agreement with Concord and Cabarrus County. He will keep Lowe’s Motor Speedway in Concord.

Smith, the owner of the track, had set Thanksgiving Day as his deadline for making a decision. He threatened to move the track weeks ago when Concord city council members stopped work on a drag strip he was building near the speedway.

Concord and Cabarrus County leaders quickly backed off their stance and put together an incentives package reportedly worth around $70 million.

Concord officials said, in principal, an agreement has been reached. Track leaders will meet Monday afternoon to release specifics on the deal.

Eyewitness News is working to gather more details.

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