Dover Motorsports Inc. releases earnings report, sets sale of Nashville Superspeedway for end of February

By Jan 29, 2015, 11:51 AM EST
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Dover Motorsports Inc. released its fourth quarter and yearly earnings report Thursday.

Because there were no major events at the track in the fourth quarter from October through December, revenue was just $157,000, up from $129,000 in the same quarter the previous year.

For the overall fiscal year that ended Dec. 31, 2014, the track reported income of $45,674,000, compared to $46,180,000 the previous year. The decrease was attributed to lower admissions and event related revenue partially offset by higher broadcasting revenues.

Net earnings were up by more than one million dollars year-over-year. DMI had net earnings of $3,145,000, compared to $2,024,000 in 2013.

DMI is one of only three track ownership groups (the other being Indianapolis Motor Speedway and Pocono Raceway) that host NASCAR events other than International Speedway Corp., and Speedway Motorsports Inc.

One of the most significant aspects of the report concerned the pending sale of Nashville Superspeedway.

Dover Motorsports will receive $27 million when the sale of Nashville Superspeedway is concluded, which is expected to occur at the end of February.

The group that plans on making the purchase, NeXovation, Inc., recently paid a non-refundable $1.7 million to DMI, to be applied to the eventual purchase price of the Gladeville, Tenn., track and surrounding facilities.

NeXovation Inc. also will assume $18.8 million of the track’s bond obligations to Wilson County, where the track is located. That would make the entire deal worth $45.8 million.

The closing deadline for the sale of the track has been extended three times, the most recent being in late December. NeXovation announced last May that it had reached agreement to purchase the track.

NeXovation officials have said they plan on using the track and its surrounding area year-round and hope to eventually bring NASCAR racing – most likely either the Xfinity Series or Camping World Truck Series – back to the speedway.

Last June, NeXovation president Robb Sexton, said he planned on also reaching out to IndyCar for a possible race return to the track.

After 11 years of holding a number of races, there have been no races at Nashville Superspeedway for more than three years.

NeXovation also reportedly plans to develop a potential drag strip, dirt track and short track that were included in original blueprints for the facility.

“We plan to develop the entire facility,” Sexton told the Lebanon (Tenn.) Democrat last June. “We have a comprehensive business plan that involves using the track 52 weeks a year, with a primary emphasis on the motorsports community. Our focus is on a motorsports identity.”

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Ford unveils a new Mustang for 2024 Le Mans in motorsports ‘lifestyle brand’ retooling

Associated PressJun 9, 2023, 7:00 PM EDT
Ford Mustang Le Mans
Ford Performance
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LE MANS, France — Ford has planned a return to the 24 Hours of Le Mans with its iconic Mustang muscle car next year under a massive rebranding of Ford Performance aimed at bringing the automotive manufacturer “into the racing business.”

The Friday unveil of the new Mustang Dark Horse-based race car follows Ford’s announcement in February (and a ballyhooed test at Sebring in March) that it will return to Formula One in 2026 in partnership with reigning world champion Red Bull.

The Mustang will enter the GT3 category next year with at least two cars in both IMSA and the World Endurance Championship, and is hopeful to earn an invitation to next year’s 24 Hours of Le Mans. The IMSA entries will be a factory Ford Performance program run by Multimatic, and a customer program in WEC with Proton Competition.

Ford CEO Jim Farley, also an amateur sports car racer, told The Associated Press the Mustang will be available to compete in various GT3 series across the globe to customer teams. But more important, Farley said, is the overall rebranding of Ford Performance – done by renowned motorsports designer Troy Lee – that is aimed at making Ford a lifestyle brand with a sporting mindset.

“It’s kind of like the company finding its own, and rediscovering its icons, and doubling down on them,” Farley told the AP. “And then this motorsports activity is getting serious about connecting enthusiast customers with those rediscovered icons. It’s a big switch for the company – this is really about building strong, iconic vehicles with enthusiasts at the center of our marketing.”

Ford last competed in sports car racing in 2019 as part of a three-year program with Chip Ganassi Racing. The team scored the class win at Le Mans in 2016 in a targeted performance aimed to celebrate the 50th anniversary of Ford snapping Ferrari’s six-year winning streak.

Ford on Friday displayed a Mustang with a Lee-designed livery that showcased the cleaner, simplified look that will soon be featured on all its racing vehicles. The traditional blue oval with Ford Performance in white lettering underneath will now be branded simply FP.

The new mark will be used across car liveries, merchandise and apparel, display assets, parts and accessories and in advertising.

Farley cited Porsche as an automaker that has successfully figured out how to sell cars to consumers and race cars in various series around the world while creating a culture of brand enthusiasts. He believes Ford’s new direction will help the company sell street cars, race cars, boost interest in driving schools, and create a merchandise line that convinces consumers that a stalwart of American automakers is a hip, cool brand.

“We’re going to build a global motorsports business off road and on road,” Farley told the AP, adding that the design of the Mustang is “unapologetically American.”

He lauded the work of Lee, who is considered the top helmet designer among race car drivers.

“We’re in the first inning of a nine inning game, and going to Le Mans is really important,” Farley said. “But for customer cars, getting the graphics right, designing race cars that win at all different levels, and then designing a racing brand for Ford Performance that gets rebranded and elevated is super important.”

He said he’s kept a close eye on how Porsche and Aston Martin have built their motorsports businesses and said Ford will be better.

“We’re going in the exact same direction. We just want to be better than them, that’s all,” Farley said. “Second is the first loser.”

Farley, an avid amateur racer himself, did not travel to Le Mans for the announcement. The race that begins Saturday features an entry from NASCAR, and Ford is the reigning Cup Series champion with Joey Logano and Team Penske.

The NASCAR “Garage 56” entry is a collaboration between Hendrick Motorsports, Chevrolet and Goodyear, and is being widely celebrated throughout the industry. Farley did feel left out of the party in France – a sentiment NASCAR tried to avoid by inviting many of its partners to attend the race so that it wouldn’t seem like a Chevrolet-only celebration.

“They’re going right and I’m going left – that NASCAR thing is a one-year deal, right? It’s Garage 56 and they can have their NASCAR party, but that’s a one-year party,” Farley said. “We won Le Mans outright four times, we won in the GT class, and we’re coming back with Mustang and it’s not a one-year deal.

“So they can get all excited about Garage 56. I almost see that as a marketing exercise for NASCAR, but for me, that’s a science project,” Farley continued. “I don’t live in a world of science projects. I live in the world of building a vital company that everyone is excited about. To do that, we’re not going to do a Garage 56 – I’ve got to beat Porsche and Aston Martin and Ferrari year after year after year.”

Ford’s announcement comes on the heels of General Motors changing its GT3 strategy next season and ending its factory Corvette program. GM, which unlike Ford competes in the IMSA Grand Touring Prototype division (with its Cadillac brand), will shift fully to a customer model for Corvettes in 2024 (with some factory support in the IMSA GTD Pro category).