Dover Motorsports, Inc. Reports Closing on Nashville Property
July 31 2019 - 04:15PM
Business Wire
Dover Motorsports, Inc. (NYSE: DVD) reports that on July 26,
2019, we closed on our previously announced sales agreement with an
entity owned by Panattoni Development Company for the sale of
approximately 133 acres of the property on which our Nashville
Superspeedway is located. Proceeds from the sale, less closing
costs, were approximately $6.4 million. Net proceeds after taxes
are estimated to be approximately $5.3 million. The purchaser has
an option to acquire an additional 97.17 acres at $66,685 per acre.
The option expires March 1, 2022 and may only be exercised for all
97.17 acres at one time for a total purchase price of $6,479,781.
None of the acreage sold or optioned extends to the land on which
our superspeedway is sited and the Company continues to hold
approximately 1,000 acres of 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.
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Timothy R. Horne – Sr. Vice President - Finance (302)
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