Lyric discussion by mjs 

I saw Mark June 12, 2010 in Helsingborg, Sweden on the Get Lucky tour. (Great concert!) He introduced Speedway at Nazareth by saying that it is a song he wrote about a very good Swedish friend.

That's curious. I was actually there myself, but don't recall him saying that. Must've missed it somehow. Anyway, as I understand it he is a friend of swedish racecar driver Kenny Bräck, so maybe it refers to him. I'm assuming the former since Knopfler was interviewed by Kenny in his tv-program "Kennys vänner".

And for those who don't speak Swedish (be ashamed!) I should probably add that "Kennys vänner" means roughly "friends of Kenny".

@mjs Memory ^^^^ is totally right. I found the clip referenced on YouTube, posted by Stebbe Stenberg, At the very, very beginning, you can clearly hear MK say "...this friend of mine...":

An error occured.