By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Dover agrees to sell Nashville track to real estate company
Placeholder Image

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.