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For the company's announcement of the management decision reported below, see

 

Fox Television, October 30, 2009 broadcast (video and print)

 

 
 
   

Bad Economy Claims Motorsports Park

 

Updated: Friday, 30 Oct 2009, 5:25 PM CDT
Published : Friday, 30 Oct 2009, 4:43 PM CDT

 

MEMPHIS, Tenn. - It was the only place in the Mid-South to see live NASCAR action. Now, the Memphis Motorsports Park is shutting down.

Denis McGlynn is the CEO of Dover Motorsports, the company that owns the Memphis Park.

The company will transfer the two races previously scheduled for Memphis; one to the Nashville Park and one to St. Louis.

McGlynn says finances at the Memphis facility have been getting progressively worse in the 12 years the company has owned the park.

"We love Memphis, Memphis is a wonderful town, and people are great. There just aren't enough NASCAR fans here… Things were a lot better 12 years ago than they are today, mostly because of what's going on with the economy. People are less willing to spend the money on this type of entertainment."

Dover Motorsports was planning to sell the facility to Gulf Coast Entertainment, but McGlynn says that deal fell through when the company could not secure financing for the purchase.

Another interested buyer is the only thing that would save the park from simply standing vacant.

"We have no immediate plans to do anything other than to see if there are any buyers who show up for it."

Also, at least twenty employees are now unemployed.

"It was a very difficult decision. Anytime you put people that you've known and worked with for this length of time out of work, particularly in this environment, that's a tough decision."

Dover Motorsports had planned to sell the park for $10 million, but says it will work with an interested buyer.

 

TM and (c) 2009 Fox Television Stations, Inc., and its related entities.

 

 

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