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‘Monster Mile’ Investor Challenges $132 Million Sale to Speedway

Dec. 9, 2021, 5:08 PM

A Dover Motorsports Inc. investor filed suit in Delaware against the auto racing track owner and its board, claiming they’re steering it into an underpriced $131.5 million sale to Speedway Motorsports LLC after spurning a better offer from an unidentified private equity suitor.

The lawsuit, docketed Thursday, accuses the Dover board of keeping shareholders in the dark about critical aspects of the deal, which would hand over control of Dover International Speedway in Delaware—a NASCAR track nicknamed “the Monster Mile"—and Nashville Superspeedway in Tennessee.

The filing urging investors to tender their shares to Speedway for $3.61 each allegedly omits “any ...