The planned sale of Nashville Superspeedway to locally based NeXovation has fallen through, but NeXovation CEO Robb Sexton says he's not giving up. He says a big reason his team hasn't closed on its $46 million deal is that its lender hasn't followed through and, as such, caused lengthy delays. Now that the Dover deal has expired, NeXovation can look for other funders to back its plans.
"We have invested millions of dollars in the Speedway sales process and we are not going to allow the negative actions of others to deter us from our goal," Sexton said in a statement issued late Friday.
SEE ALSO: Dover's new 10-Q, in which execs say they are in talks with other potential buyers
NeXovation principals and executives of Dover Motorsports last week amended — for the seventh time — their agreement to have locally based NeXovation buy the Nashville Superspeedway. The parties now expect to close on the deal by July 27, and NeXovation has paid Dover $400,000 (to go with the $2.5 million it has already handed over) and agreed to replenish its escrow account to the tune of $1.5 million by Monday.
Dover Motorsports, which in early August said it is preparing to shut down the Nashville Superspeedway, last week reported third-quarter results that included the cost of that decision. Between taking a non-cash charge on a writedown of the speedway's value and picking up the expected tab for bond payments to Wilson County, the tab comes to almost $18 million.
Bobby Hamilton tells Larry Woody he doesn't have to beg NASCAR to bring some of its racing series back to the Fairgrounds Speedway. Doing so will come down to making some smart investments in the track's infrastructure. Just how big will those be? Hamilton says $4 million will do the trick, but former track owner Gary Baker says it'll be a lot more than that.
Baker said the track needs to expand seating to 40,000 and “essentially rebuild everything but the racetrack itself – the walls, pit road, the grandstands.
POSTDATA: WARRANTY DEEDS