Some three years after padlocking its gates, a fresh start could be on the horizon for the Nashville Superspeedway.
Dover Motorsports Inc. announced Thursday morning it will sell the racing facility to Nashville-based NeXovation Inc. in a deal said to total $45.8 million.
Included in the transaction is a 1.33-mile concrete track with 25,000 permanent grandstand seats, lights for night racing, foundation work for a dirt track, short track and drag strip and infrastructure in place to expand to 150,000 seats.
The facility is situated on some 1,400 acres of land in the Vine Community between State Route 840 and US 231 South.
“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," Dover Motorsports CEO Denis McGlynn, said via a press release.
"We wish them the best and we thank all those in Middle Tennessee who made us feel welcome during our time there.”
NSS opened in 2001 as a state-of-the-art facility and hosted NASCAR Nationwide and Truck series events, along with the Indy Racing League. Austin Dillon won the last competitive event at the track, a truck race in August 2011.
Since closing, race teams and tire manufacturers have rented track time for testing.
Under terms of the agreement, NeXovation, a Davidson County start-up company, will pay Dover Motorsports $27 million in cash and assume $18.8 million in outstanding bond obligations owned to Wilson County.
“With our unique business model, passion for automotive technology and motor sports, and a tremendous market right in our own backyard, the Nashville Superspeedway is the perfect complement to our innovative and technological focus,” Robert Sexton, CEO of NeXovation, said in a prepared statement.
“After creating and developing this opportunity within NeXovation for nearly two years, we are excited about implementing a completely new business model that we believe will transform this complex into a fully immersive experience in the world of high performance motor sport, automotive technology, and experiential venues.”
Sexton said NeXovation is committed to sustaining and enhancing the world-class facility built by Dover Motorsports as an important part of the Middle Tennessee communities into the future.
Wilson County Mayor Randall Hutto was to host a meeting between the two parties Thursday afternoon -- to discuss the transfer of a letter of credit from Dover Motorsports to NeXovation.
The actual cost of the facility, land acquisition and construction, was funded by Dover Motorsports / Dover Entertainment at a cost of $125 million.
Infrastructure for the facility (water and sewer lines) was financed with $25.9 million in bonds issued by the Wilson County Sports Authority.
The interchange off SR 840 was funded by the State of Tennessee.
The bonds are guaranteed by Dover and are being repaid by property taxes on the facility. The bonds used to finance the track also funded infrastructure development projects along SR 840.
According to the Wilson County Trustee's office, Nashville Superspeedway has ranked among the top taxpayers in Wilson County. The 2013 taxes on the property totaled $979,069.
“The bond structure paid for the infrastructure that went to the speedway,” Hutto said. "All of the companies along the 840 corridor were made possible by the funds for the speedway."
This story was first reported Thursday morning, May 29 at wilsonpost.com.
Sports Editor Tommy Bryan may be contacted at firstname.lastname@example.org.