NASHVILLE, Tenn.--(BUSINESS WIRE)--NeXovation, Inc. has endured lengthy delays from their Speedway project lender that resulted in an uncured default of its sales agreement with Dover Motorsports, Inc. (NYSE-Symbol: DVD) for NeXovation’s purchase of the Nashville Superspeedway. “Although we’ve encountered unexpected delays in funding from our lender on this project, we are still working to acquire the Speedway,” said NeXovation CEO, Robert Sexton.
Sexton notes that while Dover announced that it was in discussions with other buyers in its July 30th public disclosures, NeXovation now has the freedom to work with an alternate lender to fund a new sales agreement with Dover for the Speedway project as NeXovation is no longer obligated to the non-performing lender. “We intend to move forward with our plan to implement our unique motorsports business model in Germany and North America, potentially at the Speedway,” he adds.
Sexton notes that the delay in purchasing the Speedway won’t hinder NeXovation’s efforts in acquiring the Nürburgring. “Our previous Speedway project lender was a different lender than that for the Nürburgring. While the Speedway and Nürburgring projects were similar in format, they were two separate projects with separate funding sources from the start. We have invested millions of dollars in the Speedway sales process and we are not going to allow the negative actions of others to deter us from our goal.”
About NeXovation, Inc.
NeXovation is a multi-industry innovation company that operates as an entrepreneurial conglomerate in the fields of innovation and technology, motorsports venues, automotive, aerospace, wiring, media, musical instruments and consumer products. For more information regarding NeXovation, Inc., visit http://www.nexovation.com/.