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.