Back in May, Dover Motorsports found a buyer for its 1.33-mile Nashville Superspeedway. But said buyer, NeXovation Inc., has yet to close on its purchase and has now received a third extension on its closing deadline to Jan. 26, 2015.
Andy Humbles of The Tennessean reports that according to a Dover Motorsports filing with the Securities and Exchange Commission, NeXovation agreed to release $1.1 million remaining in escrow to Dover and pay an extra $200,000 to get the deadline extended again.
The second deadline had been originally set for this Wednesday.
In all, NeXovation has now paid a non-refundable sum of $1.7 million to Dover. However, that sum will be applied toward the purchase price.
Dover sold the track to NeXovation in May for $27 million in cash and assumption of almost $19 million in bond obligations.
It was a regular host for the NASCAR XFINITY Series and Camping World Truck Series (2001-2011), as well as the Verizon IndyCar Series (2001-2008).
But with no prospect of a highly-coveted NASCAR Sprint Cup Series race coming to the Music City, Dover Motorsports chose not to renew its NASCAR licenses in the summer of 2011.
The track has not hosted a major auto racing event since that fall, and Dover Motorsports – once the owner of multiple tracks in the U.S. including NSS (Lebanon, Tenn.), Gateway Motorsports Park (Madison, Ill.), and Memphis Motorsports Park (Millington, Tenn.) – now only owns Dover International Speedway in Delaware.
Shortly after the announcement of the purchase, NeXovation CEO Robb Sexton indicated that his company wanted to develop NSS into a year-round facility with possible additions of a drag strip, dirt track, and short track that were in the original blueprints. Entertainment events and concerts have also been speculated as a possibility for the future.