F1, Formula 1, NASCAR, IndyCar, MotoGP, ALMS, And More!
z


May 29, 2014 - 03:20 PM
Top News!
Rumors Edition!
Upcoming Racing! (Updated)



Top Stories
· One for the Ages: Hunter Reay is an Indy 500 Champion (May 27, 2014)
· Hunter-Reay Earns $2.4 Million For Winning 98th Indianapolis 500 (May 27, 2014)
· Fab Photos: 2014 Indianapolis 500 Edition - The Month Of May (May 26, 2014)
· 2014 Charlotte (Coca Cola 600): NASCAR Sprint Cup Race Results - Johnson, Chevrolet Win! (May 26, 2014)
· 2014 Indianapolis 500: IndyCar Race Results - Hunter-Reay, Honda Win! (May 25, 2014)

Previous Top Stories!


Hot Rumors!
· F1: Haas delays F1 debut until 2016 ? (May 29, 2014)
· F1: Red Bull flirting with VW engine switch ? (May 28, 2014)
· F1: Ferrari not giving up on Newey ? (May 28, 2014)
· F1: Honda to buy into McLaren ? (May 28, 2014)
· F1: Pointless season 'embarrassing' for Sauber ? (May 26, 2014)
More Rumors!


Dover Motorsports, Inc Announces Agreement To Sell Nashville Superspeedway
Posted by: newsla on May 29, 2014 - 03:10 PM
NASCAR News
Dover Motorsports, Inc Announces Agreement To Sell Nashville Superspeedway To Nexovation, Inc


Dover Motorsports, Inc. (NYSE-Symbol: DVD) announced that it has entered into a definitive agreement to sell its Nashville Superspeedway facility to NeXovation, Inc.

 

Bookmark and Share
Under the terms of the agreement, Dover Motorsports and its wholly-owned subsidiary, Nashville Speedway U.S.A., Inc., will sell the Nashville Superspeedway facility along with some related equipment and assets for $27 million in cash and the assumption by NeXovation of obligations of Dover Motorsports under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds.

The Bonds are the obligation of the Sports Authority of the County of Wilson, Tennessee and were issued by the Sports Authority in 1999 in order to build certain infrastructure improvements benefiting the speedway. Debt service on the Bonds, which have a remaining principal balance of $18,800,000, is payable from property and sales taxes generated by the facility. Principal and interest on the Bonds are secured by a letter of credit provided by Dover Motorsports which will be replaced by a letter of credit provided by NeXovation.

Commenting on the sale, Dover Motorsports CEO, Denis McGlynn said, "This is a great deal for all concerned insofar as 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. We wish them the best and we thank all those in middle Tennessee who made us feel welcome during our time there."

Closing is expected to take place in the third quarter and is subject to customary closing conditions.

PaddockTalk Perspective



Also in NASCAR News:



 
Related links
· NASCAR Edition
· Top PaddockTalk News!
· NASCAR Rumors
· More about NASCAR News







Home :: _ 


All logos and trademarks in this site are property of their respective owner.
The comments are property of their posters, all the rest (c) 2003-2014 by PaddockTalk.com.
Contact E-mail: admin@paddocktalk.com
Privacy