The first massive move of the NASCAR offseason has taken place. Speedway Motorsports has announced that it will acquire Dover Motorsports, which operates Dover International Speedway and Nashville Superspeedway, in a transaction expected to close by the end of the year.
The organization announced the news on Monday, November 8, the day after Kyle Larson won the Cup Series championship. According to the press release, the two companies have entered into a definitive agreement where Speedway Motorsports will pay $3.61 per share in cash for an approximate total equity value of $131.5 million.
“While this marks the end of our 52 years as an independent operator in NASCAR,” said Denis McGlynn, president and CEO of Dover Motorsports. “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 press release added that Speedway Motorsports approved the transaction. “The Board of Directors of Dover Motorsports formed a special committee to review, evaluate and negotiate the definitive agreement. Acting upon the unanimous recommendation of the special committee, the Board of Directors of Dover Motorsports approved the transaction.”
Nashville Superspeedway Returned to NASCAR in 2021
GettyKyle Larson won the first-ever Cup Series race at Nashville Superspeedway.
While Dover International Speedway has remained a key track on the NASCAR schedule, Nashville Superspeedway remained inactive after the Xfinity and Truck Series races in 2011. However, the track made its return in 2021 as part of a four-year sanctioning agreement with NASCAR.
Nashville Superspeedway served as the host site of a packed weekend of racing on June 18-20. Ryan Preece made his Truck Series debut on Friday the 18th and won with support from Hunt Brothers Pizza, locking up the custom Gibson Les Paul guitar.
The weekend continued with Kyle Busch winning his 100th career Xfinity Series race during a dominant performance. He led 122 of the 189 laps at the 1.33-mile track and won his third race of the season in the No. 54 Toyota Supra.
The weekend ended with the first-ever Cup Series race at Nashville Superspeedway. Chris Janson kicked off the afternoon with a concert for the fans and then Kyle Larson won his third consecutive race of the season, fourth overall, in the No. 5 Hendrick Motorsports Chevrolet Camaro.
Nashville will return to the Cup Series schedule in 2022 with another packed weekend. The Truck Series, Xfinity Series, and Cup Series drivers will compete on June 24-26. The Xfinity Series and Cup Series will also head to Dover International Speedway on April 30 and May 1.
Speedway Motorsports Operates Several Tracks
GettySpeedway Motorsports operates several tracks.
Speedway Motorsports operates several tracks across the NASCAR circuit, including the sites of some of the biggest races of the year. The list includes 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.
Adding Dover International Speedway and Nashville Superspeedway to the fold only gives Speedway Motorsports operational control of even more race weekends where drivers will battle for wins and secure spots in the playoffs.
“We’ve been committed to working for the fans and growing the sport of NASCAR for more than 60 years,” said Marcus Smith, Speedway Motorsports President and CEO, in the press release. “This is a tremendous opportunity for us to continue growing our investment in motorsports.
“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.”
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Speedway Motorsports to Acquire Dover Motorsports