|By Business Wire||
|May 29, 2014 07:31 AM EDT||
Nearly three years after reducing its public access and closing to competitive racing, the Nashville Superspeedway motor racing complex will have a new owner. U.S.-based NeXovation, Inc., a global innovation company and active pursuant (highest bidder) for the iconic Nürburgring motor sports facility in Germany, announced today that it has entered into a definitive agreement to acquire the Nashville Superspeedway in Lebanon, Tenn., from Dover Motorsports, Inc. (NYSE: DVD).
Under the terms of the agreement, NeXovation will acquire the Nashville Superspeedway facility along with some related equipment and assets for $27 million in cash from Dover Motorsports and its wholly-owned subsidiary, Nashville Speedway U.S.A., Inc. Closing is expected to take place in the third quarter of 2014 and is subject to customary closing conditions.
“With our unique business model, passion for automotive technology and motor sports, and a tremendous market right in our own backyard, the Nashville Superspeedway is the perfect complement to our innovative and technological focus,” said Robert Sexton, CEO of NeXovation. “After creating and developing this opportunity within NeXovation for nearly two years, we are excited about implementing a completely new business model that we believe will transform this complex into a fully immersive experience in the world of high performance motor sport, automotive technology, and experiential venues.”
Nashville Superspeedway first opened in 2001 and is situated on almost 1,400 acres of land just outside of Nashville, Tenn. The 1.33-mile concrete superspeedway has a permanent seating capacity of 25,000 as well as lighting for nighttime events. Sexton confirms that NeXovation, a Nashville-based company, is committed to sustaining and enhancing the world-class facility built by Dover Motorsports as an important part of the Nashville and Middle Tennessee communities into the future. This desire to protect and improve “iconic” motor sports facilities with a new, innovative, cooperative business model was the basis for the company’s bid for the Nürburgring in Germany and its purchase of the Nashville Superspeedway.
NeXovation, Inc. was founded in 2012 to provide a platform for several innovations, including Sexton’s inventions, such as the patented FlatWire™ technology (now the company’s NeXwire Division), which is a high-performance, surface-mounted wiring technology designed for the automotive, building, aerospace and military industries; and multiple patent-pending compressed natural gas (CNG)-based technologies (part of the company’s NeXomotive Division). The company is comprised of a team of entrepreneurs and executives who represent hundreds of global patents and years of combined product development, marketing, and business management experience throughout the world. Most recently, NeXovation submitted a binding offer of EUR 150 million plus future incentives to acquire all assets of the Nürburgring motor sports facility in Germany, which would be complementary to the Nashville Superspeedway project.
Details of NeXovation’s future plans for the Nashville Superspeedway and Nürburgring are currently proprietary but will be announced to the public in the near future. For more information on NeXovation, visit www.NeXovation.com.
About NeXovation, Inc.
NeXovation is a global, multi-industry, innovation company committed to the belief that a thoughtful and dedicated choice of priorities, regarding our world, communities, families, and each other, creates the potential for greatness, growth, joy and profit. Following these principles, NeXovation has brought together a unique team of experts and highly experienced professionals to make its dreams become reality.
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