Dover Motorsports, Inc Reports Closing on Nashville Property

Rhea-AI Summary

Dover Motorsports, Inc. (NYSE: DVD) announced the closure of a property sale on May 26, 2021, involving approximately 350 acres near Nashville Superspeedway, in agreement with Panattoni Development Company. The sale generated about $14.35 million in proceeds, with an estimated net of $12 million after taxes. The sold land does not include the site of the superspeedway, leaving the company with approximately 650 acres of commercial real estate. Dover Motorsports promotes NASCAR events and operates Dover International Speedway and Nashville Superspeedway.

Positive

• Generated approximately $12 million in net proceeds from the sale.
• Retains ownership of approximately 650 acres of commercial real estate.

Negative

• None.

Dover Motorsports, Inc. (NYSE: DVD) reports that on May 26, 2021, we closed on the sale of approximately 350 acres of property near our Nashville Superspeedway pursuant to an agreement with an entity owned by Panattoni Development Company. Proceeds from the sale, less closing costs, were approximately $14.35 million. The purchaser had previously paid to us a $500,000 deposit that was credited to the purchase price. Net proceeds after taxes are estimated to be approximately $12 million. None of the acreage sold extends to the land on which our superspeedway is sited and the Company continues to hold approximately 650 acres of commercial real estate, including the superspeedway.

Dover Motorsports, Inc. is a promoter of NASCAR sanctioned 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210527005851/en/

FAQ

What is the significance of Dover Motorsports' recent property sale?

The sale generated approximately $12 million in net proceeds and allows Dover Motorsports to retain ownership of valuable land, which may strengthen its financial position.

What was the selling price for the property near Nashville Superspeedway?

The property was sold for approximately $14.35 million, with a net of about $12 million after taxes.

How much land does Dover Motorsports still own after the sale?

Dover Motorsports continues to own approximately 650 acres of commercial real estate, including the Nashville Superspeedway site.

Who was the buyer of the Nashville Superspeedway adjacent property?

The buyer is an entity owned by Panattoni Development Company.

When did Dover Motorsports complete the property sale?

The property sale was completed on May 26, 2021.