Dover Motorsports Inc. [NYSE/DVD] announced today that it was ceasing all operations at its multi-purpose facility.
“Gateway is a tremendous racing facility in a great racing community, but we are simply unable to operate it with an acceptable return,” said Denis McGlynn, President and CEO of Dover Motorsports. “We truly appreciate the many years of dedication shown by our Gateway employees and their efforts to make Gateway such a great destination for all those passionate about our sport – from racing fans to drivers to sponsors, team owners and sanctioning bodies.”
According to a statement posted on the facility’s website, the majority of the track is leased from third parties. The company owns approximately 150 acres of the facility and has been in discussions with several interested purchasers.
The land for the strip was first prepared for drag racing as early as 1967 and ran under the American Hot Rod Association sanction during the 1970s and into the 1980s. The track then switched to the IHRA sanction and contested races into the 1990s. Chris Pook purchased the facility in 1994 and revealed a development plan to upgrade the facility. The track conteseted its first NHRA event during the 1997 season. Gateway hosted its final NHRA national event in May 2010