Dover Motorsports, Inc. Reports Closing on Nashville Property
Dover Motorsports, Inc. (NYSE: DVD) reports that on March 2, 2018, we closed on our previously announced sales agreement with an
entity owned by Panattoni Development Company for the sale of approximately 147 acres of the property on which our Nashville
Superspeedway is located. Proceeds from the sale, less closing costs, were slightly in excess of $5.1 million. Net proceeds after
taxes are estimated to be approximately $4.3 million. The purchaser has an option to acquire an additional 50.51 acres at $35,000
per acre, 88.03 acres at $55,000 per acre, and 86.45 acres at $66,685 per acre. The option is for three years beginning March 1,
2018 and may only be exercised for all 224.99 acres at one time for a total purchase price of $12,374,418. None of the acreage sold
or optioned extends to the land on which our superspeedway is sited and the Company continues to hold over 1,000 acres of prime
commercial real estate, including the superspeedway.
This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements
are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company’s SEC
filings for a discussion of such factors.
Dover Motorsports, Inc. is a leading promoter of NASCAR sanctioned and other motorsports events in the United States whose
subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee.
For further information, log on to dovermotorsports.com.
Dover Motorsports, Inc.
Timothy R. Horne – Sr. Vice President - Finance
302-857-3292
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