Dover Motorsports sells Nashville Superspeedway
May 29, 2014, Staff report, NASCAR.com
Dover Motorsports Inc. announced Thursday that a definitive agreement is in place to sell Nashville Superspeedway to technology companyNeXovation, Inc.
The 1.333-mile concrete track and its accompanying equipment and assets will be sold for $27 million in cash. The new owners will also assume a debt balance of $18.8 million in insfrastructure revenue bonds for the facility near Lebanon, Tennessee. The deal is expected to close by September.
"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," said Dover Motorsports CEO Denis McGlynn. "We wish them the best and we thank all those in Middle Tennessee who made us feel welcome during our time there."
Nashville Superspeedway hosted 21 NASCAR Nationwide Series races and 13 events for the NASCAR Camping World Truck Series from 2001 to 2011. The track has been used as a test facility for NASCAR teams since it ceased hosting major-league motorsports events.
NASCAR has enjoyed a long history in Middle Tennessee before the superspeedway's creation. The Nashville Speedway at the state fairgrounds hosted NASCAR's premier series from 1958 to 1984. The .596-mile track continues as a host of regular events for the NASCAR Whelen All-American Series.
NASCAR Sprint Cup Series driver Matt Kenseth, in Nashville last week for a visit to the headquarters of sponsor Dollar General, told The Tennessean that he hoped racing would return to the track. He also lobbied for a rotation of facilities for the NASCAR Sprint All-Star Race from Charlotte Motor Speedway to tracks where NASCAR's top series does not regularly race.
"There are so many facilities that are capable of having races, that had races and don’t anymore, like Nashville, Milwaukee, St. Louis," Kenseth told the Nashville, Tennessee newspaper. "There's all these tracks that are equipped and ready, yet they don't have an 80,000-seat grandstand. Still, you could get 25,000 or 35,000 people in there, plus camping and all that stuff."
The NASCAR Camping World Truck Series will return to St. Louis for the Drivin' for Linemen 200 at Gateway Motorsports Park (Saturday, June 14, 8:30 p.m. ET, FOX Sports 1).
Dover Motorsports promotes and hosts NASCAR-sanctioned events at Dover International Speedway, host of all three NASCAR national series this weekend at the mile-long Delaware track. NeXovation, a global innovation conglomerate based in Nashville, also submitted a $150 million bid in the sale of the historic Nurburgring circuit in Germany.