(By Greg Engle)
Posted: Saturday,January 31st, 2009
Dover Motorsports officials announced Friday a “definitive agreement” to sell Memphis Motorsports Park to Gulf Coast Entertainment.
Dover Motorsports said it is selling the .75-mile Memphis track and adjoining drag strip for $10 million. Dover Motorsports will receive a two percent stake in Gulf Coast Entertainment and will have an agreement to provide management services to Alabama Motorsports Park.
Gulf Coast is currently building a “multiuse entertainment complex” near Mobile, Ala., with plans to include a .7-mile oval track. A.M.P. has been branded a “Dale Earnhardt Jr.” Speedway, as Earnhardt Jr., sister Kelley Earnhardt and brother Kerry Earnhardt all were part of the original investment group.
Alabama Motorsports Park is scheduled to open in 2011.
The news release said Memphis does not anticipate any schedule changes for 2009, when it will host Nationwide and Camping World Truck series races at the track.
And while the track will be owned by Gulf Coast, it will operate under a management agreement with Dover Motorsports. Closing is expected to take place on or about April 30, and is subject to financing and customary closing conditions.
(Sporting News NASCAR Wire Service)
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