Dover Motorsports, Inc. closed on our previously announced sales agreement with an entity owned by Panattoni Development Company for the sale of approximately 147 acres of property at the site of the Nashville Superspeedway.
Proceeds from the sale, less closing costs, were slightly more than $5.1 million. Net proceeds after taxes are estimated to be approximately $4.3 million.
The purchaser has an option to acquire an additional 50.51 acres at $35,000 per acre, 88.03 acres at $55,000 per acre, and 86.45 acres at $66,685 per acre. The option is for three years beginning March 1, 2018 and may only be exercised for all 224.99 acres at one time for a total purchase price of $12,374,418.
None of the acreage sold or optioned extends to the land on which the superspeedway is located and the company continues to hold over 1,000 acres of commercial real estate, including the track.
Dover Motorsports, Inc. is a promoter of NASCAR sanctioned and other motorsports events in the United States. subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway.
The Nashville track has not been able to attract NASCAR races since 2011.
For further information, log on to dovermotorsports.com.
