Dover agrees to sell Nashville track to real estate company
NASHVILLE, Tenn. (AP) Dover Motorsports, Inc. has a new buyer for the Nashville Superspeedway in a commercial real estate development company.
The motorsports company said Thursday that Panattoni Development Company will buy the superspeedway for $27.5 million and also take over Dover's obligations under bonds issued in 1999 to help build infrastructure supporting the track. The bonds currently have a balance of $17.2 million, and Panattoni will replace Dover Motorsports' letter of credit with its own.
Dover expects the sale to close in 2017 pending zoning approvals.
This is the second time Dover lined up a buyer of the 1.33-mile concrete track that opened in 2001 only to be closed in 2011. Dover announced in May 2014 a deal selling to NeXovation Inc. worth nearly $46 million, which later fell through.