Dover Motorsports Inc. said it has agreed to sell its Nashville Superspeedway, which the Dover, Del., company opened in 2001, to NeXovation Inc. for $27 million.
The buyer will also assume Dover Motorsports' obligations under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds. Dover Motorsports has significantly written down the value of the Nashville facility in recent years, recording a $15.7 million charge in 2011 and a $4.3 million charge in last year's third quarter.
The Nashville facility no longer hosts Nascar events. The sale, expected to close in the third quarter, will leave Dover Motorsports with only the Dover International Speedway in Delaware. - Harold Brubaker