Dover Motorsports, Inc. Announces to Sell - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Dover Motorsports, Inc. Announces to Sell

Updated:
Dover Motorsports Inc. Dover Motorsports Inc.
DOVER, Del.- Dover Motorsports, Inc. announced a definitive agreement to sell its Nashville Superspeedway facility to NeXovation, Inc. 

According to the agreement, Dover Motorsports and its wholly-owned subsidiary, Nashville Speedway U.S.A., Inc., will sell the Nashville Superspeedway facility along with some related equipment and assets for $27 million in cash and the assumption by NeXovation of obligations of Dover Motorsports under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds. 

The Bonds are the obligation of the Sports Authority of the County of Wilson, Tennessee and were issued by the Sports Authority in 1999 in order to build certain infrastructure improvements benefiting the speedway.

Debt service on the Bonds, which have a remaining principal balance of $18,800,000, is payable from property and sales taxes generated by the facility.

Principal and interest on the Bonds are secured by a letter of credit provided by Dover Motorsports which will be replaced by a letter of credit provided by NeXovation. 

“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,” Denis McGlynn, Dover Motorsports CEO, said. “We wish them the best and we thank all those in middle Tennessee who made us feel welcome during our time there.”

Closing is expected to take place in the third quarter and is subject to customary closing conditions. 

Dover Motorsports, Inc. is a leading promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee.

For further information, log on to dovermotorsports.com.

 
  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Del. Bans Minors from Using Tanning Beds

    Del. Bans Minors from Using Tanning Beds

    Monday, July 28 2014 9:47 PM EDT2014-07-29 01:47:10 GMT
    Delaware Gov. Jack Markell signed into law Monday afternoon a bill that bans minors from using tanning beds in the First State.More
    Delaware Gov. Jack Markell signed into law Monday afternoon a bill that bans minors from using tanning beds in the First State.More
  • Expanding Pre-K with Grants in MD

    Expanding Pre-K with Grants in MD

    Monday, July 28 2014 9:29 PM EDT2014-07-29 01:29:40 GMT
    The recipients of grants to expand pre-kindergarten in Maryland have been announced.More
    The recipients of grants to expand pre-kindergarten in Maryland have been announced.More
  • Vets React to New VA Deal

    Vets React to New VA Deal

    Monday, July 28 2014 9:48 PM EDT2014-07-29 01:48:04 GMT
    DOVER, Del.- Change is coming for veterans across the Nation. That's after lawmakers reached a deal to fix the Department of Veterans' Affairs' System. The health program has been under scrutiny after long patient wait times and records covering up the delays. Some veterans on Delmarva say this deal is long overdue.Paul Davis is standing and looking at old photos. He says he's had quite the journey serving our country."I served two years in South Vietnam. I was with the US Army," said Davis. ...More
    DOVER, Del.- Change is coming for veterans across the Nation. That's after lawmakers reached a deal to fix the Department of Veterans' Affairs' System. The health program has been under scrutiny after long patient wait times and records covering up the delays. Some veterans on Delmarva say this deal is long overdue.Paul Davis is standing and looking at old photos. He says he's had quite the journey serving our country."I served two years in South Vietnam. I was with the US Army," said Davis. ...More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service