August 29, 2016
Dover Motorsports Inc. entered into a definitive agreement to sell its Nashville Superspeedway facility to Panattoni Development Co. In addition to the facility and its 1,400 acres, the seller will dispose of related equipment and assets for $27.5 million.
Newport Beach, CA-based Panattoni will also assume Dover Motorsports obligations under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds, which have a remaining principal balance of $17.2 million. Closing is anticipated to take place during the first quarter of next year.
Dover Motorsports, headquartered in Dover, DE, is a promoter of NASCAR-sanctioned and other motorsports events. The company owns Dover International Speedway, in addition to Nashville Superspeedway. The latter closed in 2011, due to its inability to attract major NASCAR races.
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