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by KIX 101.1/ 1230 KFJB Sports Department posted May 29 2014 10:10AM

DOVER, Del. (AP) — Dovor Motorsports has agreed to sell the Nashville Superspeedway to NeXovation, Inc., in a deal worth nearly $46 million.

Denis McGlyn, Dover's chief executive officer, announced the sale Thursday. He says the deal will allow his company to transfer a little-used track to a group that will re-activate the superspeedway with a new business model.

NeXovation will pay $27 million and also put up a letter of credit for the $18.8 million in bonds issued to build the infrastructure needed by the speedway near Lebanon, Tennessee.

The 1.33-mile, concrete track opened in 2001 hosting NASCAR trucks and Nationwide races along with an Indy Racing League event through 2008. Dover closed the track, except for testing, in 2011.


 
Filed Under :
Topics : Business_Finance
Location : DelawareDoverTennessee
People : Denis McGlyn
05/29/2014 10:13AM
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