Deal Set For Nashville Superspeedway

Nashville Superspeedway

Dover Motorsports Inc. announced Thursday a deal to sell Nashville Superspeedway. (Photo: Getty Images)

Dover Motorsports, Inc. announced Thursday that it has entered into a definitive agreement to sell its Nashville Superspeedway facility to NeXovation, Inc.

Dover Motorsports 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, Tenn., 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.

Nashville Superspeedway is a 1.33-mile concrete track that opened in 2001 and is located just outside Nashville, Tenn. It has a permanent seating capacity of 25,000 as well as lighting for night racing.

Dover Motorsports CEO Denis McGlynn said of the sale: “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. 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.

NeXovation, a global innovation company, also is pursing the Nurburgring motorsports facility in Germany. 

“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.”

NeXovation, Inc. was founded in 2012 to provide a platform for several innovations, including Sexton’s inventions, such as the patented FlatWire™ technology (now the company’s NeXwire Division), which is a high-performance, surface-mounted wiring technology designed for the automotive, building, aerospace and military industries; and multiple patent-pending compressed natural gas (CNG)-based technologies (part of the company’s NeXomotive Division). The company is comprised of a team of entrepreneurs and executives who represent hundreds of global patents and years of combined product development, marketing, and business management experience throughout the world. Most recently, NeXovation submitted a binding offer of EUR 150 million plus future incentives to acquire all assets of the Nürburgring.

Details of NeXovation’s future plans for the Nashville Superspeedway and Nürburgring are currently proprietary but will be announced to the public in the near future.

 

Race Center

Lilly Diabetes 250

@ Indianapolis Motor Speedway
Saturday, July 26, 2014
Radio Start:
IMS Network
TV Start:
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