Breaking: Lowe's Will Not Renew @ Charlotte Motor Speedway

Sports Business Journal reports this morning that the 11-year naming rights deal between Lowe's and the Charlotte Motor Speedway will not be renewed. Though there is still 5 months left on the current one year contract extension, and after more than a year of negotiations, the home improvement company has informed Speedway Motorsports of their decision.

According to the report, Lowe's current deal was valued at $3.5 million investment (10 years/$35 mm), but Speedway officials were intitially seeking $9 million for the renewal.

Lowe's also has a car deal with Jimmie Johnson and Hendricks Motorsports, which is up for renewal at the end of 2010.