San Antonio Speedway is a half-mile, high banked asphalt speedway, with 18 degree banking in the turns. Construction on San Antonio Speedway began in March 1977. The first race was held on August 22, 1977, and it was known as Highway 16 Raceway. The track was financed by 33 stockholders, and Don Bierschwale was named president of the board. San Antonio Speedway became a NASCAR-santioned track in 1990. The NASCAR sanction was dropped this year (2007). NASCAR NEXTEL Driver, Terry Labonte (Texas Terry), won the first Late Model Sportsman Championship in 1977. Former owners of San Antonio Speedway include Joe Horne, Scott Holland, Frank Howell and Ted Carlson. San Antonio Speedway is currently under the management of the United States Racing Association (USRA), which is headed by Terry and Tammy Dickerson.