SMI will take two more NASCAR tracks into private ownership
Speedway Motorsports, LLC has announced a deal to acquire Dover Motorsports, Inc (NYSE: DVD). The deal states a price of $3.61 per share, a total of $131.5 million. The agreement was announced on Tuesday by Speedway Motorsports President and CEO Marcus Smith and Dover Motorsports President and CEO Denis McGlynn.
“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” said Smith. “This is a tremendous opportunity for us to continue growing our investment in motorsports.
He added, “I’d like to thank Denis McGlynn and the Dover Motorsports board for their cooperation and support in our goal to exceed customer expectations and create amazing lifetime experiences for all NASCAR fans.”
SMI Portfolio: Atlanta Motor Speedway (Hampton, GA); Bristol Motor Speedway (Bristol. TN); Charlotte Motor Speedway (Concord, NC); Kentucky Speedway (Sparta, KY); Las Vegas Motor Speedway (Las Vegas, NV); New Hampshire Motor Speedway (Loudon, NH); North Wilkesboro Speedway (North Wilkesboro, NC); Sonoma Raceway (Sonoma, CA) and Texas Motor Speedway (Fort Worth, TX).
Denis McGlynn: Dover Motorsports Inc
Dover Motorsports Inc operates Dover International Speedway is Delaware as well as Nashville Superspeedway in Tennessee.
Nashville Superspeedway sat dormant for several years. The track was re-born in 2021 with packed grandstands.
“While this marks the end of our 52 years as an independent operator in NASCAR,” said McGlynn, “our future advancement is best secured by joining forces with a major player in the sport and we are happy to be able to become part of the Speedway Motorsports family and to be able to work with Marcus Smith as NASCAR embraces its future.”
The transaction has been approved by Speedway Motorsports. Meanwhile, the Board of Directors of Dover Motorsports has also reviewed the deal, evaluate and negotiate the definitive agreement. With a unanimous decision, the board elected to approve the sale.
The sale is expected to officially close at the end of the year.
NASCAR recently purchased ISC, another track operator and took it private. Speedway Motorsports Inc also went private.
This last move places another track operator in the private status. NASCAR has regularly commented that the removed pressure of quarterly earnings allows them to have more freedom to adjust the schedule.