Speedway Motorsports Inc. (SMI) has agreed to purchase the parent company of the Dover and Nashville Speedways, Dover Motorsports.
Additional report from Pockrass indicated that Speedway Motorsports would spend $3.61 per share totaling over $130 million. Dover Motorsports does post their profits and other financial data to the public each quarter, so it could be expected that this information will be confirmed by the end of the year.
A comment from Said McGlynn, President and CEO of Dover Motorsports indicated a bittersweet moment for the brand. “While this marks the end of our 52 years as an independent operator in NASCAR, 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.”
According to a press release from SMI, "Raymond James & Associates, Inc. is acting as financial advisor to Dover Motorsports and has rendered a fairness opinion to the board of directors of Dover Motorsports in connection with the transaction. Faegre Drinker Biddle & Reath LLP is acting as legal counsel to Dover Motorsports. Parker Poe Adams & Bernstein LLP is acting as legal counsel to Speedway Motorsports."
Both Dover and Nashville will host races in NASCAR in 2022, including a recently announced triple-header in April for NASCAR's top 3 national tours.
DOVER MOTORSPORTS, INC. (NYSE: DVD) IS A LEADING PROMOTER OF NASCAR SANCTIONED MOTORSPORTS EVENTS WHOSE SUBSIDIARIES OWN AND OPERATE DOVER INTERNATIONAL SPEEDWAY IN DOVER, DEL. AND NASHVILLE SUPERSPEEDWAY IN LEBANON, TENN. THE COMPANY ALSO PLAYS HOST TO THE FIREFLY MUSIC FESTIVAL WHICH IS PRODUCED BY AEG PRESENTS.
Speedway Motorsports, LLC is a leading marketer, promoter and sponsor of motorsports entertainment in the United States. The Company, through its subsidiaries, owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries; manufactures and distributes smaller-scale, modified racing cars and parts through its U.S. Legend Cars International subsidiary; and produces and broadcasts syndicated motorsports programming to radio stations nationwide though its Performance Racing Network subsidiary.
Comments