NeXovation blames lender in Superspeedway morass; Dover in talks with others

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

Aug 3, 2015 11:54 AM

Not quite yet for NeXovation's speedway buy

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.

May 27, 2015 8:43 AM

Superspeedway buyer says it has finalized funding

Parties agree to close deal in next 60 days
Mar 30, 2015 2:46 PM

Superspeedway buyer extends deadline to close

Payment also gives local group time to look into 'certain survey matters'
Oct 9, 2014 7:36 AM

Superspeedway's future owners talk to IndyCar

NeXovation aiming to develop track into year-round complex, patient on any NASCAR return
Jun 11, 2014 2:34 PM

Nashville company set to buy Superspeedway

Nexovation promises 'completely new business model' for largely unused facility
May 29, 2014 9:34 AM

Superspeedway owner takes almost $18M in charges

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.

Oct 31, 2011 8:41 AM

What it would take for NASCAR to again consider the Fairgrounds

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.

Aug 8, 2011 7:39 AM

Superspeedway seeking no races in 2012, Dover eyes sale

Company says lack of Sprint Cup race makes operating next to impossible
Aug 3, 2011 10:23 AM

Sports

Mar 25, 2011 7:33 AM
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