Dover Motorsports sells Memphis Motorsports Park

Dover Motorsports announced that it has entered into a definitive agreement to sell Memphis Motorsports Park to Gulf Coast Entertainment, L.L.C. Under the terms of the agreement, Dover Motorsports will sell all of the stock of its subsidiary Memphis International Motorsports Corporation, the owner of Memphis Motorsports Park, to Gulf Coast Entertainment for $10 million in cash. Gulf Coast Entertainment is the owner of a newly proposed multi-use entertainment complex in Mobile, AL which is projected to be operational in 2011. As additional consideration for the purchase, Dover Motorsports will receive a two percent non-dilatable interest in Gulf Coast Entertainment and will have an agreement to provide motorsports management services to Alabama Motorsports Park [A Dale Earnhardt Jr. Speedway] when the facilities become operational. Closing is expected to take place on or about April 30, 2009 and is subject to financing and customary closing conditions. Memphis Motorsports Park does not contemplate any schedule changes in 2009 and will continue to host events in the NASCAR Nationwide Series, the NASCAR Camping World Truck Series and the NHRA Full Throttle Drag Racing Series. It will continue operations under the ownership of Gulf Coast Entertainment, but will operate under a management agreement with Dover Motorsports. In connection with securing NASCAR's approval of the transaction, Dover Motorsports is expected to guarantee the obligations of Memphis Motorsports Park under its sanction agreements with NASCAR for the 2009 season. Dover Motorsports PR

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