On Thursday, Dover Motorsports Inc. announced an agreement to sell Nashville Superspeedway near Lebanon, Ten., to NeXovation for $27 million in cash and the assumption of the remaining balance of $18,800 in Revenue Bonds issued by the Sports Authority of the County of Wilson, Tennessee, for a total deal of nearly $46 million. Closing on the sale is expected in the third quarter.
"This is a great deal for all concerned insofar as we can transfer an underutilized, 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. We wish them the best, and we thank all those in Middle Tennessee who made us feel welcome during our time there."
Dover Motorsports Inc. opened Nashville Superspeedway in 2001, moving its racing from the half-mile short track at the Tennessee State Fairgrounds in Nashville that it operated under the name Nashville Speedway. That fairgrounds track is still in operation under new management, has since been renamed Fairgrounds Speedway, and hosts weekly local racing.
Racing at Nashville Superspeedway ended after the 2011 race season. Until then, the track hosted the NASCAR Nationwide and Camping World Truck series yearly, some years hosting one or both series twice.
According to a report in the Tennessean, NeXovation, a Nashville-based company, submitted a bid to purchase the Nurburgring track in Germany, but its bid was rejected. But, to this point, the company has now race track-operating experience. Also according to the Tennessean report, NeXovation had been mulling over the purchase of Nashville Superspeedway for nearly two years.