Dover Motorsports reaches deal to sell Nashville track

  (AP Photo/John Russell)

(AP Photo/John Russell)

As NASCAR fans start their biannual trek to Dover International Speedway, track officials announced plans to sell another track owned by Dover Motorsports.

Dover Motorsports announced Thursday morning that it had reached a deal  to sell its Nashville Superspeedway to NeXovation, Inc. The 1.33 mile track in Tennessee has been shuttered since 2011. Since its construction in 2001, the facility hosted 21 NASCAR Nationwide Series races, 13 NASCAR Camping World Truck Series races, and eight IndyCar Series races.

“This is a great deal for all concerned,” said Dover Motorsports CEO Denis McGlynn. “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.”

NeXovation will pay $27 million in cash for the track and related equipment and assets. The company will also take over Dover Motorsports obligations for bonds issued by Wilson County, Tennessee in 1999 to improve the infrastructure. The bonds have a remaining principal balance of $18.8 million.

The sale is expected to close in the third quarter.

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