(CONCORD) -- Lowes Motor Speedway owner, Bruton Smith, is threatening to move the track out of Concord after the city council voted against him building a $60 million drag strip there. "We are diligently looking for land," said Smith. He is not happy with how city officials responded. "I'm very awake now on the attitude toward the speedway and I'm wondering what's next." Smith has no problem dropping $350 million to move LMS out of Cabarrus County. "I'm am prepared, then to build a speedway, another speedway somewhere in this vicinity."

Motorspots historian, Bryant McMurray believes that Concord officials should take Smith's threat seriously. "NASCAR is such a big sport now a days that closing a speedway for $350 million and building another speedway is in the cards," said McMurray. Smith told WBT in Charlotte that on Wednesday he looked at two possible new locations for the speedway.