May 29, 2014, 8:37 PM EDT
The once vast holdings of Dover Motorsports Inc., will soon be down to only its flagship facility, Dover International Speedway, site of this weekend’s FedEx 400 Sprint Car race.
The company announced Thursday that it has agreed to sell Nashville Superspeedway in Lebanon, Tenn., to NeXovation for $27 million in cash and assumption of an estimated $18 million in variable rate tax exempt infrastructure revenue bonds.
“This is a great deal for all concerned insofar as we can transfer an under-utilized, high quality asset to NeXovation, who will create and implement a new business model and re-activate Nashville Superspeedway for the benefit of everyone in the area,” Dover Motorsports CEO Denis McGlynn said in a statement announcing the agreement.
The sale is expected to formally close sometime this fall.
DMI previously also owned Gateway International Raceway in suburban St. Louis (Madison, Ill.) and Memphis Motorsports Park (Millington, Tenn.).
Gateway closed in 2010 but reopened in 2012. Memphis closed in 2009 but reopened in 2011. And Nashville closed in 2012.
DMI also previously owned the Dover Downs harness racing facility next to DIS.
Follow me @JerryBonkowski
- Power wins Verizon P1 Award in Detroit with new track record 1
- Preview: Detroit’s doubleheader a crucial weekend for IndyCar championship 0
- ARCA: From welder to race car driver, Sarah Cornett-Ching continues her building prowess 2
- Taylor Swift to be featured on Tony Kanaan’s IndyCar in Detroit; will she make it to track? 7
- Surprises, struggles: NHRA at one-third mark of ’15 season 5
- FIA seeking new teams for Formula 1 in 2016 and 2017 8
- Gossage to Walker: “We need a more competitive race this year than last year” 2