Cibelli continues to push for sale of Dover Motorsports

By Lisa Kerner

Charlotte, N.C., June 17 - Investors led by Cibelli Capital Management, LLC, Mario D. Cibelli and Marathon Partners LP reiterated their belief that Dover Motorsports, Inc. should sell by means of a competitive auction.

Mario Cibelli and his affiliates made their comments in a June 17 letter to Dover Motorsports' board included in a schedule 13D filed with the Securities and Exchange Commission.

The investors highlighted several news articles and quotes from Dover Motorsports chief executive officer Denis McGlynn about the company and consolidation in the industry.

"In light of the horrendous performance over the past six years, the directors should be proactive in fulfilling their fiduciary obligation to maximize shareholder value, not merely waiting for the phone to ring with a $15 cash offer," the Cibelli letter said.

In May, the Cibelli affiliates sent a similar letter to the board of the Dover, Del., motorsports marketing company.

Cibelli had made the same suggestion in an earlier SEC filing, calling the sale the "most logical course of action to enhance shareholder value."

If a sale is not possible, Cibelli recommended the company eliminate large losses generated by Dover Motorsports' Midwest tracks, it was previously reported.

In the investors' view, Dover Motorsports will never be able to achieve the operating performance of its competitors, International Speedway Corp. and Speedway Motorsports Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.