Speedway Motorsports announced Wednesday its deal to purchase Dover Motorsports, which includes Nashville Superspeedway, has been completed.
Speedway Motorsports, based in Charlotte, North Carolina, also owns Bristol Motor Speedway, which has agreed in principal to purchase Nashville Fairgrounds Speedway and plans to bring a NASCAR Cup Series race there.
Wednesday’s transaction, announced jointly by Speedway Motorsports president and CEO Marcus Smith and Dover Motorsports president and CEO Denis McGlynn, called for Speedway Motorsports to pay $3.61 per share in cash for an approximate equity value of $131.5 million to acquire Dover Motorsports, which also owns Dover International Speedway.
Speedway Motorsports will complete its acquisition of Dover through consummation of a merger of Speedco II, a subsidiary of Speedway Motorsports, without a vote of the Dover stockholders, in accordance with Section 251(h) of the General Corporation Law of the State of Delaware.
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“On behalf of our company I’d like to thank Denis McGlynn and Dover Motorsports for their cooperation and support through this process,” Smith said in a statement. “As our acquisition becomes complete, we look forward to turning our focus toward engaging the teams at Dover and Nashville to produce exciting events for race fans in 2022.”
Dover Motorsports opened Nashville Superspeedway, located in Gladeville, in 2002 and operated it through 2011. A NASCAR Cup Series race was not run there until this year when Dover Motorsports reopened the track and the Ally 400 took place on June 20.
A NASCAR Xfinity race and Camping World Truck Series race also were part of the weekend event.
The 2022 Ally 400 is set for June 26 at Nashville Superspeedway.
Reach Mike Organ at 615-259-8021 or on Twitter @MIkeOrganWrtier.
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