DOVER MOTORSPORTS, INC. (NYSE:DVD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into Material Definitive Agreements.
On July21, 2017, we entered into a fourth amendment to our August25, 2016 agreement to sell Nashville Superspeedway which extends the agreement for thirty (30)days to allow the parties to finalize new agreements relative to a restructured transaction involving the sale of a portion of the property and an option for an additional portion of the property.The amendment contemplates that the parties will negotiate in good faith relative to new agreements for (1)the sale of 150 acres of property for a purchase price of $35,000 per acre, and (2)an option for three (3)years on an additional 150 acres for a purchase price of $55,000 per acre. Earnest Money in the amount of $750,000 that was previously deposited will be applied against the purchase price of the first 150 acres described above or refunded to Purchaser if agreements acceptable to both parties are not executed within the next thirty (30)days.
Amendment No.4 dated July21, 2017 to Purchase and Sale Agreement by and between Dover Motorsports, Inc., Nashville Speedway, USA, Inc. and PDC TN/FL, LLC. is attached to this Form 8-K as Exhibit 10.1.
Item 1.01 Financial Statements and Exhibits
10.1 Amendment No.4 dated July21, 2017 to Purchase and Sale Agreement dated August25, 2016 between Dover Motorsports, Inc., Nashville Speedway, USA, Inc. and PDC TN/FL, LLC.
DOVER MOTORSPORTS INC ExhibitEX-10.1 2 d430844dex101.htm EX-10.1 EX-10.1 EXHIBIT 10.1 AMENDMENT NO. 4 TO PURCHASE AND SALE AGREEMENT THIS AMENDMENT NO. 4 TO PURCHASE AND SALE AGREEMENT (Amendment No. 4) made and entered into effective as of July 21,…To view the full exhibit click here
About DOVER MOTORSPORTS, INC. (NYSE:DVD)
Dover Motorsports, Inc. is a marketer and promoter of motorsports entertainment in the United States. The Company, through its subsidiaries, owns and operates Dover International Speedway in Dover, Delaware, and Nashville Superspeedway near Nashville, Tennessee. The Dover International Speedway is located in Dover, Delaware, on approximately 770 acres of land. The Nashville Superspeedway is a motorsports complex located on approximately 1,400 acres of land in Wilson County and Rutherford County, Tennessee. The Company promotes approximately six National Association for Stock Car Auto Racing (NASCAR)-sanctioned events at the Dover International Speedway, including two races in the NASCAR Sprint Cup Series professional stock car racing circuit, two races in the NASCAR XFINITY Series racing circuit, one race in the NASCAR Camping World Truck Series racing circuit and one race in the NASCAR K&N Pro Series East racing circuit.