Dover Motorsports writes down value of Memphis track: Without its NASCAR and National Hot Rod Association events, Memphis Motorsports Park, which was going to be sold for $10 million before the potential buyer couldn't secure financing, has dropped in value by $7.478 million, according to a filing with the U.S. Securities and Exchange Commission. Dover Motorsports, which announced Friday it was closing the Memphis facility that included a .75-mile oval where NASCAR conducted one Camping World Truck and one Nationwide series race a year, noted the write-down in its third quarter results. Dover had been listing the value of the Memphis track as $10 million, so with the write-down it now lists the facility's value without its NASCAR and NHRA events as $2.522 million. Dover also noted that its NASCAR weekend in September saw lower attendance, sponsorships and corporate spending as a result of the weak economy and poor weather. For the first nine months of 2009 - which is virtually Dover's entire racing season with the exception of the Memphis Nationwide race - Dover has recorded a net loss of $1.324 million compared with a net profit in 2008 of $6.398 million.(SceneDaily)(11-3-2009)
Rittenberry moves to PBIR: Jason Rittenberry has been named president and chief executive officer of Palm Beach International Raceway in Jupiter, Florida. Rittenberry will be replacing Ron Dixon, who will be moving on from the day to day operating role he has held for the past year. Rittenberry, 34, comes to Palm Beach International Raceway from Memphis Motorsports Park, where he has served as vice president and general manager since 2001 and will report directly to the Management Committee of the partnership group that owns PBIR. (PBIR)(10-31-2009)
Dover Motorsports shuts down Memphis track: Dover Motorsports, Inc. announced that it was ceasing all operations at Memphis Motorsports Park and that it would not be promoting any events in Memphis in 2010. As previously announced, the Memphis facility had been under an agreement of sale 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, President and CEO of Dover Motorsports. "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."
The realigned events and dates are as follows:
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.(Dover Motorsports PR)(10-30-2009)
- Closing date on Memphis Motorsports Park sale extended: For the second time this year, Dover Motorsports has extended the closing date so Gulf Coast Entertainment can get the financing to purchase Memphis Motorsports Park. GCE is building Alabama Motorsports Park, a project that includes Dale Earnhardt Jr. and his siblings as investors. Dover had agreed to sell the track for $10 million in January with a closing date scheduled for the end of April. The closing date was then extended to June 29, and Dover Motorsports filed a notice with the U.S. Securities and Exchange Commission on Wednesday indicating that it is in the process of negotiating an amendment to the purchase agreement to extend the closing date to Sept. 29. GCE has not broken ground on the Alabama complex, which is expected to include a 0.7-mile D-shaped oval. Once the sale is complete, Dover Motorsports will operate Memphis Motorsports Park under an agreement with GCE, which could request realignment of the Truck and Nationwide races from Memphis to the Alabama track.(SceneDaily)(7-11-2009)
- 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-dilutable 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)(1-30-2009)
- Memphis offers Dale Jr. Ribs for Life UPDATE: Make no bones about it. Dale Earnhardt Jr. likes Memphis ribs. So much so that he has a steady supply FedEx’d to his new home in North Carolina. His affinity for the city’s most sought-after cuisine was obvious during a repeat episode this month of MTV’s Cribs. It is unclear, however, when Earnhardt Jr. developed this indulgence for Memphis barbeque.
In his only race in Memphis, Earnhardt Jr. drove the #3 ACDelco car to a runner-up finish behind Jeff Green in the inaugural Sam’s Town 250 on Oct. 31, 1999. He returned in 2003 for a Cup test session in the #8 Budweiser car. And his JR Motorsports teams have competed in the Nationwide Series event here for three years in a row, with a best finish of fifth by Shane Huffman in the #88 in 2006.
In an attempt to entice Earnhardt Jr. back to the track, Memphis Motorsports Park is extending a standing offer of a lifetime supply of Memphis ribs in exchange for a one-time competitive run in the city’s fall Nationwide Series race. With two locations in the Memphis area, Pig-N-Whistle is the Official Barbeque Restaurant of Memphis Motorsports Park. The NASCAR Nationwide Series returns to Memphis Motorsports Park on Oct. 23-24. For more information or to order season tickets, call toll-free 1-866-40-SPEED or visit MemphisMotorsportsPark.com.(Memphis Motorsports Park PR)(1-17-2009)
UPDATE: from the 2009 NASCAR Preseason Thunder Daytona Fan Fest: Saturday news conference transcripts:
Q. I have some oddball questions. Number one, how much do you like Memphis barbecue, and the second part of that is are you aware of their offer to you of a lifetime supply and have you thought at all about taking them up on their offer?
DALE EARNHARDT, JR.: Well, I don't really have that much use for that much barbecue, but the who do you work for?
Q. NASCAR Scene.
DALE EARNHARDT, JR.: Just making sure you don't work for Memphis (laughter). I don't know, those kind of deals kind of get under your skin a little bit because obviously I haven't raced there since 1999, and I probably won't be going back there any time soon, and they just use my name to try to sell tickets and try to start some gimmick. They were saying in their press release that they watched a television show called Cribs where I talked about Memphis barbecue and I specifically pulled out the package of barbecue that I liked, and it's called Rendezvous and I mentioned that on the show. So they knew that Rendezvous, if anybody has ever been to Memphis and ate there, they know it's great barbecue ribs, so they know that that was my favorite. But they mentioned their track sponsored barbecue place so they got a plug for no damn reason, and Rendezvous who has been there forever doesn't get a word in.
Q. Now they will.
DALE EARNHARDT, JR.: Now they will (laughter). Well, if they give me some Rendezvous ribs and up the ante just a little more than just ribs, we might talk about it. I don't know, it was a little frustrating. I should probably just take it easy because I know they're just trying to do their job. But I would have it would have been cool to get a heads up that they were going to do that; hey, man, we're going to use your name in this instead of getting it sprung on you. Vegas did the same thing. What was the deal a couple years ago, Mike? Some ridiculous deal for them to try to get people to buy tickets. I told everybody to go buy tickets to Talladega. It's a hell of a better race (laughter). I don't want to sound like a jerk about it because I know that it's tough times right now, and we're they're definitely in between a rock and a hard place trying to get people to come out there and watch races, but I was really more upset for the guys at Rendezvous that have been around for years, and everybody knows that's the best place in Memphis, hands down. Everybody can read right through that article. Who here has been to Memphis? And you guys never ate Rendezvous ribs? All right, then you can attest. They are consistent.(NASCAR PR)(1-18-2009)
- Memphis Busch Race sold out: Memphis Motorsports Park officials announced Thursday morning that all grandstand seating for Saturday's NASCAR Busch Series Sam's Town 250 has been sold. The Memphis Motorsports Club - the exclusive hospitality option on race-day - is also a sell-out for this race. All that remains for the procrastinating race fan are $15 tickets for the two practice sessions on Friday at 2:00 p.m. and 3:30 p.m. For Friday practice tickets or more information, call 1-866-40-SPEED (77333) or visit memphismotorsportspark.com.(Memphis International Motorsports Corporation)(10-21-2005)
