In a $46 million deal, Nashville tech start-up NeXovation is set to buy the Nashville Superspeedway in Wilson County from Dover Motorsports, which has largely shuttered the track since competitive racing left in 2011.
Under the terms of the deal, NeXovation will acquire the facility along with equipment and assets for $27 million in cash. In addition, the company will assume Dover's bond obligations to Wilson County, which have an outstanding balance of $18.8 million, payable from property and sales tax generated by the facility.
The sale is expected to close in the third quarter.
“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,” said Robert Sexton, CEO of NeXovation. “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.”
A representative for NeXovation declined to elaborate further on the future plans for the speedway, but said a press conference with details would come later this summer.
This isn't NeXovation's first foray into auto racing. The company contends it is the highest bidder for the iconic German track Nürburgring. The company submitted a 150 million Euro offer for the facility, which was rejected and instead sold in a 77 million Euro deal that included 25 million Euro in improvements. As a result, NeXovation filed a complaint with the European Union.
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