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                                                                     Exhibit 4.2

              STATUTORY INCENTIVE STOCK OPTION AGREEMENT AND GRANT
                                   PURSUANT TO
                SPEEDWAY MOTORSPORTS, INC. 1994 STOCK OPTION PLAN

        This Statutory Incentive Stock Option Agreement and grant is entered
into as of this ___ day of __________ between Speedway Motorsports, Inc., a
Delaware corporation (the "Company"), and__________, (the "Optionee").

        WHEREAS, the Company and its stockholders have approved the Speedway
Motorsports, Inc. 1994 Stock Option Plan (the "Plan") pursuant to which the
Company may from time to time, make awards of Options (as defined below) and
enter into Statutory Incentive Stock Option Agreements within eligible employees
of the Company or of any Subsidiary (as defined below);

        WHEREAS, pursuant to the Plan, the Company has determined to grant to
the Optionee an Option to purchase Common Stock (as defined below) of the
Company, which Option shall be subject to the terms and conditions of this
Statutory Incentive Stock Option Agreement and Grant;

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the parties hereby agree as
follows:

        1.        Definitions.

                  For the purposes of this Statutory Incentive Stock Option
Agreement and Grant, the following terms shall have the meanings indicated:

                  (a) "Act" shall mean the Securities Act of 1933, as amended.

                  (b) "Board" shall mean the Board of Directors of the Company

                  (c) "Cause" shall mean any act, action or series of acts or
actions or any omission, omissions, or series of omissions which result in, or
which have the effect of resulting in, (i) the commission of a crime by the
Optionee involving moral turpitude, which crime has a material adverse impact on
the Company, (ii) gross negligence or willful misconduct which is continuous and
results in material damage to the Company, or (iii) the continuous, willful
failure of the person in question to follow the reasonable directives of the
Board of Directors.

                  (d) "Code" shall mean the Internal Revenue Code of 1986, as
amended, and any successor revenue laws of the United States.

                  (e) "Committee" shall mean the compensation Committee of the
Board or such other committee of the members of the Board as is designated by
the Board to administer the Plan.

                  (f) "Common Stock" shall mean the Common Stock, par value $.01
per share, of the Company.

                  (g) "Disability" shall mean the inability or failure of a
person to perform those duties for the Company traditionally assigned to and
performed by such person for a period greater than 90 days because of the
person's then-existing physical or mental condition, impairment or incapacity.
The fact of the disability shall be determined by the Committee, which may
consider such evidence as it considered desirable under the circumstances, the
determination of which shall be final and binding upon all parties.

                  (h) "Exercise Date" shall mean the business day, during the
Option Period, upon which the Optionee delivers to the Company the written
notice and consideration contemplated by Section 5(c) of the Plan.

                  (i) "Fair Market Value" shall mean, with respect to the Common
Stock on any day, its market value determined as provided in Section 5(c) of the
Plan.

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                  (j) "Involuntary Termination Without Cause" shall mean either
(i) the dismissal of, or the request for the resignation of, a person, by court
order, order of any court-appointed liquidator or trustee of the Company, or the
order or request of any creditors' committee of the Company constituted under
the federal bankruptcy laws, provided that such order or request contains no
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specific reference to Cause; or (ii) the dismissal of, or the request for
resignation of, a person, by duly constituted corporate officer of the Company,
or by the Board, for any reason other than for Cause.

                  (k) "Notice" shall have the meaning indicated in paragraph 3
below.

                  (l) "Option" shall mean the option to purchase shares of
Common Stock granted to the Optionee pursuant to this Option Agreement.

                  (m) "Option Agreement" shall mean this Statutory Incentive
Stock Option Agreement and Grant between the Company and the Optionee by which
the Option is granted to the Optionee pursuant to the Plan.

                  (n) "Option Period" shall mean the period commencing on the
date that is six months after the date of this Option Agreement and ending at
the close of business ten years from the date hereof or such earlier date as
when this Option Agreement may be terminated by its terms.

                  (o) "Option Shares" shall mean the shares of Common Stock
purchased upon exercise of the Option.

                  (p) "Optionee" shall mean the individual executing this Option
Agreement and, as applicable, the estate, personal representatives or
beneficiary to whom this Option may be transferred pursuant to this Option
Agreement by will, by the laws of descent or distribution or pursuant to a
qualified domestic relations order as defined by the Code.

                  (q) "Plan" shall mean the Speedway Motorsports, Inc. 1994
Stock Option Plan and any amendments thereto.

                  (r) "Retirement" shall mean, with respect to the Optionee,
retirement from the Company in accordance with the Company's retirement policy
as may be in effect from time to time.

                  (s) "Subsidiary" shall mean any subsidiary corporation of
Speedway Motorsports, Inc. as defined in Sections 424(f) and 424(g) of the Code.

                  (t) "Termination" shall mean the cessation, for any reason, of
the employer-employee relationship between the Company and the Optionee.

                  (u) "Total Option Price" shall mean the consideration payable
to the Company by the Optionee upon exercise of the Option pursuant to Section
5(c) of the Plan.

           2.     Grant of Option. Effective upon the date hereof, and subject
to the terms and conditions set forth herein, the Company hereby grants to the
Optionee the Option to purchase from the Company, at an exercise price of $_____
per share (the per share Fair Market Value of the Common Stock on the date
hereof), up to but not exceeding in the aggregate of ______shares of Common
Stock.

           3.     Exercise of Option.  The Option granted in paragraph 2 above
may be exercised as follows:

                  (a) The Option shall be exercisable at any time and from time
to time during the Option Period. The Option shall terminate on the expiration
of the Option Period, if not earlier terminated; provided that, in the event of
the Optionee's Retirement, the Committee in its sole and absolute discretion may
accelerate the Exercise Date, which acceleration may, in the sole discretion of
the Committee.

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          (b) No less than 100 shares of Common Stock may be purchased on any
Exercise Date unless the number of shares purchased at such time is the total
number of shares in respect of which the Option is then exercisable.

          (c) If at any time and for any reason the Option covers a fraction of
a share, then, upon exercise of the Option, the Optionee shall receive the Fair
Market Value of such fractional share in cash.

          (d) The option shall be exercised by the Optionee in accordance with
the terms and conditions of Section 5(c)of the Plan.

          (e) Within 15 days after the Exercise Date, subject to the receipt of
payment of the Total Option Price and of any payment in cash of federal, state
or local income tax withholding or other employment tax may be due upon the
issuance of the Option Shares as determined and computed by the Company pursuant
to paragraph 6 below, the Company shall issue to the Optionee the number of
shares with respect to which such Option shall be so exercised and shall deliver
to the Optionee a certificate or certificates therefor.

          (f) The Option is not transferable by the Optionee otherwise than by
will or the laws of descent or distribution. No assignment or transfer of this
Option, or of the rights represented thereby, whether voluntary or involuntary,
by operation of law or otherwise, except by will or the laws of descent or
distribution, shall vest in the assignee or transferee any interest or right
herein whatsoever; but immediately upon any attempt to assign or transfer this
Option, except as expressly permitted herein, the same shall terminate and be of
no force or effect.

          (g) The Optionee agrees to maintain the status of the entire Option as
an "incentive stock option" as defined under Section 422 of the Code.

      4.  Termination.    The Option granted hereby shall terminate and be of no
force or effect upon and following the occurrence of any of the following
events:

          (a) The expiration of the Option Period.

          (b) The Termination of the Optionee's employment for any reason other
than the Optionee's death, Disability or Involuntary Termination Without Cause.

          (c) The Expiration of three months after the date of the Optionee's
Involuntary Termination Without Cause. During such three-month period, the
Optionee shall have the right to exercise the Option hereby granted in
accordance with the terms of this Option Agreement, but only to the extent the
option was exercisable on the date of the Termination of the Optionee's
employment.

          (d) The expiration of twelve months after Termination of the
Optionee's employment with the Company as a result of the Optionee's Disability.
During such twelve-month period, the Optionee shall have the right to exercise
the Option hereby granted in accordance with the terms of this Option Agreement,
but only to the extent the option was exercisable on the date of the Termination
of the Optionee's employment.

          (e) In the event of death of the Optionee while in the employ
of the Company upon the expiration of twelve months following the Optionee's
death. During such extended period, the Option may be exercised by the person or
persons to whom the deceased Optionee's rights under the Option Agreement shall
pass by will or by the laws of descent or distribution, but only to the extent
the Option was exercisable on the date of the death of the Optionee.

          (f) To the extent set forth in paragraph 7, below, upon the
dissolution, liquidation, consolidation or merger of the Company, and, to the
extent set forth in subparagraph 3(f), above, upon an attempted assignment or
transfer of the Option otherwise than as expressly permitted herein.

          Any determination made by the Committee with respect to any persons
matter referred to in this paragraph 4 shall be final and conclusive on all
affected thereby.

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         5.  Rights as Stockholder. An Optionee shall have no rights as a
stockholder of the Company with respect to any shares underlying the Option
until the day of the issuance of a stock certificate to him or her for those
shares upon payment of the exercise price in accordance with the terms and
provisions hereof. Subject to paragraph 7, below, no adjustments shall be made
for dividends (ordinary or extraordinary, whether in cash, securities or other
property) or distributions or other rights for which the record date is prior to
the date such stock certificate is issued.

         6.  Payment of Withholding Taxes. Upon the Optionee's exercise of his
or her Option with respect to any of the Option Shares in accordance with the
provisions of paragraph 3, above, the Optionee shall pay to the Company upon
exercise of the Option the amount of any federal, state or local income tax
withholding or other employment tax that may be due upon such exercise. The
determination of the amount of any such federal, state or local tax withholding
or other employment tax due in such event shall be made by the Company and shall
be binding upon the Optionee.

         7.  Recapitalization; Reorganization. The shares underlying this Option
are shares of Common Stock as constituted on the date of this Agreement, but if,
during the Option Period and prior to the delivery by the Company of all of the
shares of Common Stock with respect to which this Option is granted, the Company
shall effect a subdivision or consolidation of shares or other capital
readjustment, the payment of a stock dividend or some other increase or decrease
in the number of shares of Common Stock outstanding, without receiving
compensation therefor in money, services or property, then, (a) in the event of
any increase in the number of such shares outstanding, the number of shares of
Common Stock then remaining subject to the Option shall be proportionately
increased (except that any fraction of a share resulting from any such
adjustment shall be excluded from the operation of this Option Agreement), and
the exercise price per share shall be proportionately reduced, and, (b) in the
event of a reduction in the number of such shares outstanding, the number of
shares of Common Stock then remaining subject to this Option shall be
proportionately reduced (except that any fractional share resulting from any
such adjustment shall be excluded from the operation of this Option Agreement),
and the exercise price per share shall be proportionately increased.

         In the event of a merger of one or more corporations into the Company
with respect to which the Company shall be the surviving or resulting
corporation, the Optionee shall, at no additional cost, be entitled upon any
exercise of this Option to receive (subject to any required action by
shareholders), in lieu of the number of shares as to which this Option shall
then be so exercised, the number and class of shares of stock or other
securities to which the Optionee would have been entitled pursuant to the terms
of the agreement of merger if, immediately prior to such merger, the Optionee
had been the holder of record of a number of shares of Common Stock of the
Company equal to the number of shares as to which such Option shall be so
exercised; provided, however, that, anything herein contained to the contrary
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notwithstanding, upon the occurrence of any event described in Section 5(g) of
the Plan, this Option shall be subject to acceleration as provided in such
Section 5(g).

         In the event of a change in the Common Stock as presently constituted,
which change is limited to a change of all the authorized shares with par value
into the same number of shares with a different par value or without par value,
the shares resulting from any such change shall be deemed to be the Common Stock
within the meaning of the Plan.

         The existence of this Option shall not affect in any way the right or
power of the Company or its shareholders to make or authorize any or all
adjustments, dividends, stock dividends, recapitalizations, reorganizations or
other changes in the Company's capital structure or its business, or any merger
or consolidation of the Company, or any issue bonds, debentures, preferred or
other stocks with preference ahead of or convertible into, or otherwise
affecting, the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

         8.  No Registration Rights. Anything in this Option Agreement to the
contrary notwithstanding, if, at any time specified herein for the issuance of
Option Shares, any law, regulation or requirements of any governmental authority
having jurisdiction in the premises shall require either the Company or the
Optionee, in the opinion of the Company's counsel, to take any action in
connection with the shares then to be issued, the issue of such shares shall be
deferred until such action shall have been taken. Nothing in this Option
Agreement shall be construed to obligate the Company at any time to file or
maintain the effectiveness of a registration statement under

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the Act, or under the securities laws of any state or other jurisdiction, or to
take or cause to be taken any action which may be necessary in order to provide
an exemption from the registration requirements of the Act under Rule 144 or any
other exemption with respect to the Option Shares or otherwise for resale or
other transfer by the Optionee (or by the executor or administrator of such
Optionee's estate or a person who acquired the Option or any Option Shares or
other rights by bequest or inheritance or by reason of the death of the
Optionee) as a result of the exercise of an Option granted pursuant to this
Option Agreement.

         9.   Resolution of Disputes. Any disputes or disagreement that arises
under, or as a result of, or pursuant to, this Option Agreement shall be
determined by the Committee in its absolute and uncontrolled discretion, and any
such determination or other determination by the Committee under or pursuant to
this Option Agreement, and any interpretation by the Committee of the terms of
this Option Agreement, shall be final, binding and conclusive on all parties
affected thereby.

         10.  Compliance with the Act. Notwithstanding any provision herein to
the contrary or in the Plan, the Company shall be under no obligation to issue
any shares of Common Stock to the Optionee upon exercise of the Option granted
hereby unless and until the Company has determined that such issuance is either
exempt from registration, or is registered, under the Act and is either exempt
from registration and qualification, or is registered or qualified, as
applicable, under all applicable state securities or "blue sky" laws.

         11.  Miscellaneous.

              (a) Binding on Successors and Representatives. This Option
Agreement shall be binding not only upon the parties, but also upon their heirs,
executors, administrators, personal representatives, successors, and assigns
(including any transfer of a party to this Agreement); and the parties agree,
for themselves and their successors, assigns and representatives, to execute any
instrument which may be necessary legally to effect the terms and conditions of
this Option Agreement.

              (b) Entire Agreement. This Option Agreement, together with the
Plan, constitutes the entire agreement of the parties with respect to the Option
and supersedes any previous agreement, whether written or oral, with respect
thereto. This Option Agreement has been entered into in compliance with the
terms of the Plan; wherever a conflict may arise between the terms of this
Option Agreement and the terms of the Plan, the terms of the Plan shall control.

              (c) Amendment. Neither this Option Agreement nor any of the
terms and conditions herein set forth may be altered or amended orally, and any
such alteration or amendment shall be effective only when reduced to writing and
signed by each of the parties or their respective successors and assigns.

              (d) Construction of Terms. Any reference herein to the singular or
plural shall be construed as plural or singular whenever the context
requires.

              (e) Notices. All notices, requests and amendments under this
Option Agreement shall be in writing, and notices shall be deemed to have been
given when personally delivered or sent prepaid registered mail:

                  (i)      if to the Company, at the following address:

                           Speedway Motorsports Inc.
                           5555 Concord Parkway South
                           P.O. Box 600
                           Concord, NC   28026-0600
                           Attention:   Corporate Secretary

                  or at such other address a the Company shall designate by
                  notice.

                  (ii)     if to the Optionee, to the Optionee's
                           address appearing in the Company's
                           employment records, or at such other address
                           as the Optionee shall designate by notice.

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                  (f) Governing Law.   This Option Agreement shall be governed
by, and construed in accordance with, the laws of the State of North Carolina
(excluding the principles of conflict of laws thereof.)

                  (g) Severability. The invalidity or unenforceability of any
particular provision of this Option Agreement shall not affect the other
provision hereof, and this Agreement shall be construed in all respects as if
such invalid or unenforceable provisions were omitted.

                  (h) An Incentive Stock Option.The Option granted hereunder is
intended to be an "Incentive Stock Option" under Section 422 of the Code.

IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement as of
the day and year first written above.

                                     SPEEDWAY MOTORSPORTS INC.


                                     _________________________________________


                                     OPTIONEE:

                                     ____________________________________(SEAL)
                                     _______________
                                     SS#: _______________________________

                                     Address:____________________________

                                     ____________________________________

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