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

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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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