Dover Motorsports Inc. announced Oct. 30 that it will cease all operations at its Memphis Motorsports Park and will not promote any events at the track in 2010.
The company previously had agreed to sell the Memphis facility to Gulf Coast Entertainment, but Gulf Coast was unable to secure financing.
“This was a difficult decision for us, but one that ultimately was dictated by economics,” said Denis McGlynn, Dover Motorsports president and CEO. “We greatly appreciate the many years of dedication shown by our Memphis employees and their efforts to make Memphis such a great destination for the racing community – from racing fans and drivers to sponsors, team owners and sanctioning bodies. For all concerned, including the Memphis community, it is truly sad to see Memphis Motorsports Park taken off the racing schedule. NASCAR has approved the realignment of our NASCAR Camping World Truck Series and NASCAR Nationwide Series events from Memphis Motorsports Park to our Nashville and Gateway facilities.”
In addition to the Memphis track and Dover International Speedway, the company owns and operates Gateway International Raceway near St. Louis, Mo., and Nashville Superspeedway near Nashville, Tenn.
Ticket refunds for 2010 events at Memphis will be mailed out to fans in the next few weeks.
The Company is expected to release its earnings for the third quarter on Monday, Nov. 2, and will disclose additional financial details relative to the closure of its Memphis facility shortly.
Dover Motorsports stock prices declined steadily over the week, from a high of $1.54 on Oct. 26, to a low of $1.38 at midday Oct. 30.
The following events planned for Memphis have been rescheduled:
NASCAR Camping World Truck Series
Nashville Superspeedway
April 2, 2010
(together with NASCAR Nationwide Series event on April 3, 2010)
NASCAR Nationwide Series
Gateway International Raceway
October 23, 2010
