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Dover Motorsports Inc. reaches agreement to sell Nashville Superspeedway

May 29, 2014, 8:37 PM EDT

(Photo: AP/Mark Humphrey) AP

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.

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