NASHVILLE, Tenn. (AP) — Dover Motorsports Inc. has a new buyer for the Nashville Superspeedway in a commercial real estate development company.
The motorsports company said Thursday that Panattoni Development Company will buy the superspeedway for $27.5 million and also take over Dover's obligations under bonds issued in 1999 to help build infrastructure supporting the track. The bonds currently have a balance of $17.2 million, and Panattoni will replace Dover Motorsports' letter of credit with its own.
Dover expects the sale to close in 2017 pending zoning approvals.
This is the second time Dover announced a buyer of the 1.33-mile concrete track about 30 miles east of Nashville that closed in 2011. Dover announced in May 2014 a deal selling to NeXovation Inc. worth nearly $46 million, which later fell through.
In the past, the speedway played host to several NASCAR Xfinity Series and Camping World Truck Series events, along with the Verizon IndyCar Series and the ARCA Racing Series.
The last major event held at the raceway was on July 23, 2011, when Carl Edwards won the NASCAR Xfinity Series race there. In August of that year, Dover Motorsports, Inc. announced they would not be seeking race sanctions the following season.
