Speedway Motorsports buys Dover, Nashville Cup Series tracks

The Concord-based company bought the tracks for $131.5 million

Drivees race around Dover International Speedway during May's NASCAR Cup Series. (Chris Szagola / AP Photo)

DOVER, Del. — Concord-based Speedway Motorsports has reached an agreement to acquire Dover Motorsports, ending the NASCAR track in Delaware’s run as one of the last independent operators in the sport.

Dover Motorsports owned both Dover International Speedway and Nashville Superspeedway in Lebanon, Tennessee. Dover ran its first Cup race in 1969 and was the site of two NASCAR weekends each season starting in 1971. One of the dates was shifted to Nashville before the start of the 2021 season.

SMI struck an agreement for $3.61 per share in cash for an approximate total equity value of $131.5 million.

The deal was announced Monday night.

“While this marks the end of our 52 years as an independent operator in NASCAR, our future advancement is best secured by joining forces with a major player in the sport and we are happy to be able to become part of the Speedway Motorsports family,” Dover CEO Denis McGlynn said.

SMI CEO Marcus Smith said the purchase was “a tremendous opportunity for us to continue growing our investment in motorsports.”

SMI already owns Charlotte Motor Speedway, Atlanta Motor Speedway, Bristol Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway and Texas Motor Speedway.