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