Memphis Motorsports Park Changes Ownership for $10 Million
As part of the new agreement between the two companies, Dover Motorsports is also expected to provide motorsport management to the soon-to-be-built Alabama Motorsports Park, due to become operational from as early as 2011 under Gulf Coast Entertainment ownership.
“Gulf Coast Entertainment anticipates hosting an array of motorsports events at Alabama Motorsports Park including stock car, open wheel and other professional and club races. There are also extensive plans for multiple commercial enterprises on the 2,400 acre site. We are truly excited to be involved with this entertainment complex and to work with the exceptional group of investors that they have assembled,” said Denis McGlynn, president and CEO of Dover Motorsports.
So basically, in exchange of selling ownership of Memphis Motorsports Park, Dover Motorsports will get to organize and manage all motorsport operations hosted by both MMP and Alabama Motorsports Park in the near future. And Guld Coast Entertaiment couldn't be more satisfied, especially since Memphis will continue to be part of NASCAR's Nationwide and Truck Series in 2009.
“Our investors are excited about the synergies that can exist between the Memphis and Mobile facilities. Moreover, incorporating Dover Motorsports in our program will mean that Memphis ownership can transfer with no noticeable change in operations and that our operations in Alabama can flourish with no learning curve. It's simply an ideal scenario for both parties,” said Bill Futterer, motorsports representative for Gulf Coast Entertaiment.