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Sunday, May 19, 2024

Speedway Motorsports Keeps Buying Tracks, Could Soon Have 12

Matthew OHaren-USA TODAY Sports/Design: Alex Brooks

Speedway Motorsports has entered an agreement to acquire Dover Motorsports for $131.5 million. 

Through a subsidiary, Speedway Motorsports will initiate a tender offer to buy all outstanding shares of Dover Motorsports — ending the latter’s 52-year streak as an independent operator in NASCAR.

Speedway Motorsports went private in 2019 through an $800 million merger with Sonic Financial Corp., and reported $457 million in 2018 revenue.

Dover Motorsports, previously Dover Downs Entertainment, split in 2002 to create a gaming division focused on harness racing, slots, a hotel and casino, and the motorsports division.

The acquisition will see Speedway Motorsports own 12 tracks with NASCAR-sanctioned events, making 26 of the 39 NASCAR-sanctioned tracks owned by the company or NASCAR itself. Some facilities include multiple tracks.

  • Speedway Motorsports and its subsidiaries own Atlanta, Charlotte, Las Vegas, New Hampshire, Texas, and Kentucky Speedway, as well as Sonoma Raceway. 
  • Dover Motorsports owns and operates Dover International Speedway and Nashville Superspeedway — the largest concrete-only venues that host NASCAR events.

The offer totals a 58.3% premium on Dover’s closing stock price on Monday.

Speedway Motorsports has approved the transaction, but closing of the tender offer is subject to conditions.

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