An agreement has been reached to sell the currently closed Nashville Superspeedway in Gladeville, Wilson County, approximately 30 miles southeast of Nashville, and it appears as though the new owners plan to keep the race track and could have it operational again by the end of the year.
Nashville-based NeXovation, a research and development company founded in 2012 that focuses on a wide range of areas from electronics to digital lighting, has agreed to purchase the property, along with related equipment and assets, from Dover Motorsports for a reported $27 million.
NeXovation CEO Robert Sexton told News 2 Thursday they plan to not only keep the track but add infrastructure to make the facility a larger venue.
Sexton didn’t reveal too much about his company’s plans, saying more information would be released this summer.
However, he did say he would like to see a wide-range of entertainment events at the speedway in addition to motorsports.
"We expect to do further development of the property, more infrastructure, and our goal is to not have it as just a big event venue but to actually create a 52-week-a-year model for the property and what we do going forward," Sexton said.
G.C. Hixson, executive director of the Joint Economic & Community Development Board of Wilson County, said the area is excited about the new development.
"We're heavy in the automotive industry in Middle Tennessee and certainly they have a background in that area, so it could be manufacturing, it could be a component for tourism, certainly. It could be a race facility. They have many options," said Hixon, adding, "We're excited to learn what their opportunities are and how we can be a part of them."
“This is a great deal for all concerned insofar as we can transfer an under-utilized, high quality asset to NeXovation, who will create and implement a new business model and re-activate Nashville Superspeedway for the benefit of everyone in the area,” Dover Motorsports CEO Denis McGlynn said in a statement. “We wish them the best and we thank all those in Middle Tennessee who made us feel welcome during our time there," the statement concluded.
Wilson County Mayor Randall Hutto told News 2 he is in the dark about exact plans for the race track, but said he’s excited about the possibilities.
"We were excited about jobs coming here because right now [the race track] employs zero,” he said.
The Nashville Superspeedway opened in 2001 and at its peak hosted four major races each year: two NASCAR Nationwide Series races and two NASCAR Camping World Truck Series races.
The IndyCar Series Firestone Indy 200 was also run at the track from its opening in 2001 until 2008.
Following sluggish attendance for major events and no prospects of gaining a Sprint Cup event, Dover Motorsports announced that the track would not seek NASCAR sanctions in 2012 and the track closed in August of 2011.
NeXovation submitted a bid for nearly $150 million to purchase the iconic Nürburgring racetrack in Germany. However, the Nürburgring was sold to motorsport industry supplier Capricorn Group for more than $139 million earlier this year.
Sexton is currently challenging the sale claiming NeXovation was the highest bidder.
Sexton said he hopes to have Nashville Superspeedway up and running by the end of the year.