Under the terms of the agreement, Dover Motorsports will sell the .75-mile track, located in Millington, TN, for $10 million. However, Dover Motorsports will receive a two percent "non-dilutable" interest in Gulf Coast Entertainment, and will have an agreement to provide motorsports management services to Alabama Motorsports Park when the facility becomes operational.

"Gulf Coast Entertainment anticipates hosting an array of motorsports events at Alabama Motorsports Park including stock car, open wheel, and other professional and club races," Dover Motorsports president and chief executive officer Denis McGlynn said in a statement. "We are truly excited to be involved with this entertainment complex and to work with the exceptional group of investors that they have assembled."

Gulf Coast Entertainment is the owner of the Alabama Motorsports Park, a newly proposed, 2,400-acre complex that will house three racing venues: an oval track, which will be branded a "Dale Earnhardt Jr. Speedway," a road course and a karting track.

Earnhardt, his half-brother, Kerry Earnhardt, and sister, Kelley Earnhardt Elledge, were involved in the initial stages of the project.

The facility, located near Mobile, AL, is scheduled to open in 2011.

Meanwhile, the closing on the sale of Memphis Motorsports Park is expected to take place by April 30. The track will host a NASCAR Nationwide Series race and NASCAR Camping World Truck Series event in 2009.

Dover Motorsports currently owns and operates Dover International Speedway, Gateway International Raceway, Memphis and Nashville Superspeedway.