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Nashville Superspeedway Sale Delayed
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The Nashville Superspeedway in Lebanon was delayed at the request of the buyer, NeXovation, and Dover Motorsports has issued an Oct. 25 deadline to close the deal.
The Nashville Business Journal reported the development last week, and it was confirmed Monday by NeXovation public relations director Chris Goodrich.
It is unclear what happens if the deadline is not met, but it is assumed the sale will be voided and Dover will retain ownership of the troubled Gladeville facility that has sat idle for three years.
The Business Journal reported, “The would-be buyer of the Nashville Superspeedway has been given more time to complete the deal.”
Citing a Securities and Exchange Commission filing, the report said the $45.8 million deal between track owner Dover Motorsports Inc. and Nashville-based NeXovation was announced in May. Under the deal, NeXovation is to pay Dover Motorsports $27 million in cash and assume $18.8 million in outstanding bond obligations owned to Wilson County.
According to the Business Journal, NeXovation could choose to back out of the deal before the Dover deadline. “NeXovation has until Oct. 7 to terminate the agreement and still retain its deposit should certain closing conditions go unsatisfied.”
Hendersonville resident Robb Sexton, founder and CEO of NeXovation, declined comment on the situation.
Dover Motorsports CEO Denis McGlynn on Monday indicated he is not concerned by the delay.
“They asked for 30 more days to complete due diligence re-surveys, county rights of way and a small family cemetery that remains on the site,” McGlynn said. “No issues with the title or environmental, so everything seems on track.”
There was no mention of any such potential snags when Sexton announced May 28 he was buying the track.
At that time Sexton said he had big plans for its future. He said the facility would operate year-round and hold a variety of events in addition to motorsports. He promised to reveal more details at a July press conference.
July came and went, with no press conference and no explanation, fueling speculation that something was amiss.
“I suspect that the checkered flag has been waved on the last race at Nashville Superspeedway,” said Terrell Davis, editor of Middle Tennessee Racing News who broke the story about the track coming to Gladeville 15 years ago.
“Mr. Sexton’s reluctance to disclose any basic details of a business plans sends signals that this deal, if there ever was a deal, was more wistful thinking than anything else – on his part, as well as Dover’s. I hope I’m wrong and the deal does close, but I’m highly skeptical.”
Dover’s original plan called for a dirt track, short track and drag strip in addition to the 1.3-mile superspeedway and an infield road course. But only the latter two were completed.
The track struggled with poor attendance from its opening in 2001. Although there is a large area fan following for NASCAR’s premier Sprint Cup Series, the second- and third-tier Nationwide and truck races failed to draw.
Despite stirring fans’ hopes, the track never had a realistic chance of landing a Cup race.
The Indy Racing League raced at the Superspeedway for eight seasons, but drew only slightly better than the minor league NASCAR races.
At the end of the 2011 season, Dover suspended racing operations. Since then, the track has sat idle, except for occasional use by some NASCAR teams for test sessions.
The Nashville Business Journal reported the development last week, and it was confirmed Monday by NeXovation public relations director Chris Goodrich.
It is unclear what happens if the deadline is not met, but it is assumed the sale will be voided and Dover will retain ownership of the troubled Gladeville facility that has sat idle for three years.
The Business Journal reported, “The would-be buyer of the Nashville Superspeedway has been given more time to complete the deal.”
Citing a Securities and Exchange Commission filing, the report said the $45.8 million deal between track owner Dover Motorsports Inc. and Nashville-based NeXovation was announced in May. Under the deal, NeXovation is to pay Dover Motorsports $27 million in cash and assume $18.8 million in outstanding bond obligations owned to Wilson County.
According to the Business Journal, NeXovation could choose to back out of the deal before the Dover deadline. “NeXovation has until Oct. 7 to terminate the agreement and still retain its deposit should certain closing conditions go unsatisfied.”
Hendersonville resident Robb Sexton, founder and CEO of NeXovation, declined comment on the situation.
Dover Motorsports CEO Denis McGlynn on Monday indicated he is not concerned by the delay.
“They asked for 30 more days to complete due diligence re-surveys, county rights of way and a small family cemetery that remains on the site,” McGlynn said. “No issues with the title or environmental, so everything seems on track.”
There was no mention of any such potential snags when Sexton announced May 28 he was buying the track.
At that time Sexton said he had big plans for its future. He said the facility would operate year-round and hold a variety of events in addition to motorsports. He promised to reveal more details at a July press conference.
July came and went, with no press conference and no explanation, fueling speculation that something was amiss.
“I suspect that the checkered flag has been waved on the last race at Nashville Superspeedway,” said Terrell Davis, editor of Middle Tennessee Racing News who broke the story about the track coming to Gladeville 15 years ago.
“Mr. Sexton’s reluctance to disclose any basic details of a business plans sends signals that this deal, if there ever was a deal, was more wistful thinking than anything else – on his part, as well as Dover’s. I hope I’m wrong and the deal does close, but I’m highly skeptical.”
Dover’s original plan called for a dirt track, short track and drag strip in addition to the 1.3-mile superspeedway and an infield road course. But only the latter two were completed.
The track struggled with poor attendance from its opening in 2001. Although there is a large area fan following for NASCAR’s premier Sprint Cup Series, the second- and third-tier Nationwide and truck races failed to draw.
Despite stirring fans’ hopes, the track never had a realistic chance of landing a Cup race.
The Indy Racing League raced at the Superspeedway for eight seasons, but drew only slightly better than the minor league NASCAR races.
At the end of the 2011 season, Dover suspended racing operations. Since then, the track has sat idle, except for occasional use by some NASCAR teams for test sessions.
