Dover Motorsports Inc. has accepted a $2.625 million bid from a Florida investment group for the currently shuttered Memphis Motorsports Park.
The group, led by Joe Lubeck, was the high bidder during an auction for the Motorsports Park held Tuesday morning. The auction was handled by Morris Auction Group. The group will have until Jan. 15 to close on the property.
The park was offered in two tracts, totaling 342 acres and including the paved oval, drag strip and 1.77 mile road course.
Dover, which closed the Motorsports Park in October 2009, had originally hired Colliers Wilkinson Snowden to help the company find a buyer for the park for an original sale price of $6 million, but potential buyers couldn’t find financing to finalize the deal. Dover also recently closed Gateway International Raceway in Illinois. Dover officials have cited current economic conditions for the reason behind its track closures.
The potential new owners also reopened Palm Beach International Raceway in West Palm Beach, Fla., which incidentally, employs Jason Rittenberry, MMP’s former general manager.
While new ownership will be able to attract national races, there is no guarantee NASCAR or NHRA will return to the facility.
The new owners will also have to invest money in renovating the facility, which has deteriorated somewhat after being deserted for a year. A portion of the grandstand’s seats have already been removed and other seats were damaged by weather.