Dover Motorsports agrees to sell Nashville Superspeedway
MAY 29, 2014 10:10a ET
Dover Motorsports has agreed to sell the Nashville Superspeedway to NeXovation, Inc., in a deal worth nearly $46 million.
Denis McGlyn, Dover's chief executive officer, announced the sale Thursday.
''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,'' McGlyn said in a statement. ''We wish them the best and we thank all those in middle Tennessee who made us feel welcome during our time there.''
NeXovation will pay $27 million and also put up a letter of credit for the $18.8 million in bonds issued to build the infrastructure needed by the speedway near Lebanon, Tennessee. The Nashville-based company also was the highest bidder for the Nurburgring motor sports facility in Germany and is contesting that sale.
The 1.33-mile, concrete track opened in 2001 hosting NASCAR trucks and Nationwide races along with an Indy Racing League event through 2008. Dover closed the track, except for testing, in 2011. The company isn't ready to share its plans for the track.
''With our unique business model, passion for automotive technology and motor sports, and a tremendous market right in our own backyard, the Nashville Superspeedway is the perfect complement to our innovative and technological focus,'' NeXovation CEO Robert Sexton said.
''After creating and developing this opportunity within NeXovation for nearly two years, we are excited about implementing a completely new business model that we believe will transform this complex into a fully immersive experience in the world of high performance motor sport, automotive technology, and experiential venues.''
NeXovation Inc., which describes itself as a global innovation company, was founded in 2012. Sexton's inventions include FlatWire, a high-performance technology designed for automotive, building, aerospace and military industries.