DOVER MOTORSPORTS, INC. (NYSE:DVD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
As previously announced, on July21, 2017, we entered into a fourth amendment to our August25, 2016 agreement to sell Nashville Superspeedway in order 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. We have executed an agreement relative to the sale of approximately 153 acres at a purchase price of $35,000 per acre. Closing under this agreement is scheduled to occur towards the end of our fourth quarter, subject to extension if certain milestones have been met (which could delay closing until the first quarter of 2018). Earnest money in the amount of $750,000 that was previously deposited under the August25, 2016 agreement will be applied against the purchase price under the agreement or refunded to Purchaser if certain conditions to closing are not met. We continue to negotiate terms of a three year option for approximately 88 additional acres at a purchase price of $55,000 per acre.
Purchase and Sale Agreement dated as of August17, 2017 between 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 Purchase and Sale Agreement dated August17, 2017 between Nashville Speedway, USA, Inc. and PDC TN/FL, LLC.
DOVER MOTORSPORTS INC ExhibitEX-10.1 2 d442530dex101.htm EX-10.1 EX-10.1 EXHIBIT 10.1 PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (the Agreement) is made and entered into effective as of August 17,…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.