Nearly three years after reducing its public access and closing to
competitive racing, the Nashville Superspeedway motor racing complex
will have a new owner. U.S.-based NeXovation,
Inc., a global innovation company and active pursuant (highest
bidder) for the iconic Nürburgring motor sports facility in Germany,
announced today that it has entered into a definitive agreement to
acquire the Nashville Superspeedway in Lebanon, Tenn., from Dover
Motorsports, Inc. (NYSE: DVD).
Under the terms of the agreement, NeXovation will acquire the Nashville
Superspeedway facility along with some related equipment and assets for
$27 million in cash from Dover Motorsports and its wholly-owned
subsidiary, Nashville Speedway U.S.A., Inc. Closing is expected to take
place in the third quarter of 2014 and is subject to customary closing
conditions.
“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.”
Nashville Superspeedway first opened in 2001 and is situated on almost
1,400 acres of land just outside of Nashville, Tenn. The 1.33-mile
concrete superspeedway has a permanent seating capacity of 25,000 as
well as lighting for nighttime events. Sexton confirms that NeXovation,
a Nashville-based company, is committed to sustaining and enhancing the
world-class facility built by Dover Motorsports as an important part of
the Nashville and Middle Tennessee communities into the future. This
desire to protect and improve “iconic” motor sports facilities with a
new, innovative, cooperative business model was the basis for the
company’s bid for the Nürburgring in Germany and its purchase of the
Nashville Superspeedway.
NeXovation, Inc. was founded in 2012 to provide a platform for several
innovations, including Sexton’s inventions, such as the patented
FlatWire™ technology (now the company’s NeXwire Division), which is a
high-performance, surface-mounted wiring technology designed for the
automotive, building, aerospace and military industries; and multiple
patent-pending compressed natural gas (CNG)-based technologies (part of
the company’s NeXomotive Division). The company is comprised of a team
of entrepreneurs and executives who represent hundreds of global patents
and years of combined product development, marketing, and business
management experience throughout the world. Most recently, NeXovation
submitted a binding offer of EUR 150 million plus future incentives to
acquire all assets of the Nürburgring motor sports facility in Germany,
which would be complementary to the Nashville Superspeedway project.
Details of NeXovation’s future plans for the Nashville Superspeedway and
Nürburgring are currently proprietary but will be announced to the
public in the near future. For more information on NeXovation, visit www.NeXovation.com.
About NeXovation, Inc.
NeXovation
is a global, multi-industry, innovation company committed to the belief
that a thoughtful and dedicated choice of priorities, regarding our
world, communities, families, and each other, creates the potential for
greatness, growth, joy and profit. Following these principles,
NeXovation has brought together a unique team of experts and highly
experienced professionals to make its dreams become reality.
Copyright Business Wire 2014