Dover Motorsports Inc. has reached a deal to sell its Nashville Superspeedway to Nashville-based NeXovation Inc. in a deal worth $45.8 million, it was announced Thursday.
Dover Motorsports reduced public access to the Lebanon track and ended competitive racing there nearly three years ago. Under the deal, NeXovation will pay Dover Motorsports $27 million in cash and assume $18.8 million in outstanding bond obligations owned to Wilson County, according to Dover Motorsports’ news release.
The 1.33-mile concrete track with 30,000 permanent seats opened in 2001 as a state-of-the-art facility and hosted NASCAR Nationwide and Truck series events, along with the Indy Racing League. Austin Dillon won the last competitive event at the track, a truck race in August of 2011.
The following are excerpts from today’s news release:
“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,” said Robert Sexton, CEO of NeXovation. “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.
Nashville Superspeedway first opened in 2001 and is situated on almost 1,400 acres of land just outside of Nashville, Tenn. The 1.33-mile concrete superspeedway has a permanent seating capacity of 25,000 as well as lighting for nighttime events. Sexton confirms that NeXovation, a Nashville-based company, is committed to sustaining and enhancing the world-class facility built by Dover Motorsports as an important part of the Nashville and Middle Tennessee communities into the future. This desire to protect and improve “iconic” motor sports facilities with a new, innovative, cooperative business model was the basis for the company’s bid for the Nürburgring in Germany and its purchase of the Nashville Superspeedway.”