After spending many years as a mainstay on the NASCAR Nationwide and Camping World Truck series tours, it appears that Nashville Superspeedway will not return to the schedule for either circuit in 2012. Photo by Jason Smith/Getty Images for NASCAR
Dover Motorsports, Inc. announced today that its wholly owned subsidiary, Nashville Superspeedway, has notified NASCAR that it will not seek any 2012 race sanctions.
Vice President and General Manager of Nashville Superspeedway, Cliff Hawks, stated, “Nashville is a tremendous market filled with passionate race fans. We have some extremely dedicated and talented employees who have made this track a great destination, but the reality is, after ten years of effort, we have to face the fact that without a Sprint Cup race and/or a significant change in the operating model for other events, we simply cannot continue.”
Nashville has a few events left on the schedule for the remainder of 2011 that will not be impacted by today’s announcement.
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Nashville Superspeedway first opened in 2001 and is situated on almost 1,400 acres of owned land just outside of Nashville, Tennessee on Route 840 (connecting Interstate 40 with Interstate 24). The 1.33 mile concrete superspeedway has 25,000 permanent grandstand seats, lights for nighttime racing, foundation work for a dirt track, short track and drag strip and infrastructure in place to expand to 150,000 seats.
Dover Motorsports will disclose additional financial details relative to today’s announcement as soon as practicable. The Company expects to incur a to be determined non-cash impairment charge to write down the carrying value of long-lived assets at the facility to fair value and to incur certain severance costs. These will be third quarter events. Dover Motorsports provides a letter of credit to guarantee payment of certain tax exempt revenue bonds whose proceeds were used for public infrastructure improvements benefiting the Nashville facility. The bonds were originally issued by the Sports Authority of the County of Wilson in 1999 in the amount of $ 25,900,000 and $ 21,000,000 of this amount remains outstanding. Since the bonds are direct obligations of the Sports Authority and are payable from property and sales taxes generated from the facility, they have not historically been recorded on the Company’s consolidated balance sheet under generally accepted accounting principles. Today’s announcement does not affect these bonds and they will continue to be paid from any applicable taxes. To the extent that the taxes are insufficient, the Company’s letter of credit will be drawn on to make up any difference and the portion of the bonds expected to be so paid will be recorded in the third quarter as a liability of the Company on its consolidated balance sheet.
“NASCAR appreciates the efforts by the Nashville Superspeedway team and the support and enthusiasm the fans have shown during our 10 years racing there,” said Steve O’Donnell, NASCAR’s senior vice president, racing operations. “While the track owners have chosen not to renew their sanctions agreement, we will continue to provide opportunities for NASCAR fans in the region to follow our sport through our television broadcasts, digital media initiatives and certainly the tracks at which we compete in that part of the country. As we continue to work on the 2012 schedules, we believe the changes that we made at the beginning of the season, particularly the “declare a series” revision, have helped create renewed excitement and interest in both the NASCAR Nationwide and NASCAR Camping World Truck Series. The schedules for these two series will remain strong, the racing will remain extremely competitive, and the development of future talent will continue to serve the sport well.”
