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DOVER, Del. (AP) -- Dovor Motorsports has agreed to sell the Nashville Superspeedway to NeXovation, Inc., in a deal worth nearly $46 million.

Denis McGlyn, Dover's chief executive officer, announced the sale Thursday.

"This is a great deal for all concerned insofar as we can transfer an under-utilized, high quality asset to NeXovation, who will create and implement a new business model and re-activate Nashville Superspeedway for the benefit of everyone in the area," McGlyn said in a statement. "We wish them the best and we thank all those in middle Tennessee who made us feel welcome during our time there."

NeXovation will pay $27 million and also put up a letter of credit for the $18.8 million in bonds issued to build the infrastructure needed by the speedway near Lebanon, Tennessee. The Nashville-based company also was the highest bidder for the N

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