SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 10, 2002
Dover Motorsports, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number 1-11929
Delaware 51-0357525
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)
1131 N. DuPont Highway
Dover, Delaware 19901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302) 674-4600
Dover Downs Entertainment, Inc.
(Former name or former address, if changed since last report)
Item 5. Other Events.
---------------------
Following is the text of a press release issued by the Company on May 10, 2002:
"FOR IMMEDIATE RELEASE For further information, call
Patrick J. Bagley
Dover, Delaware, May 10, 2002 Vice President - Finance
(302) 857-3745
DOVER MOTORSPORTS, INC. ELECTS PATRICK J. BAGLEY
AS VICE PRESIDENT-FINANCE AND CHIEF FINANCIAL OFFICER
AND APPOINTS KENNETH K. CHALMERS TO BOARD OF DIRECTORS
Dover Motorsports, Inc. (NYSE: Symbol - DVD) announced today the election of a
member of its Board of Directors, Patrick J. Bagley, to the post of Vice
President-Finance and Chief Financial Officer and the appointment to its Board
of Directors of Kenneth K. Chalmers, formerly executive vice president of Bank
of America.
Patrick J. Bagley has been a member of the Company's Board of Directors since
1996 and served as Chairman of the Audit Committee and as a member of the
Compensation and Stock Option Committee. He will remain on the Board but
relinquish his Committee responsibilities. Mr. Bagley was previously Vice
President-Finance, Treasurer and a Director of Rollins Truck Leasing Corp.
"Pat Bagley has made significant contributions to this Company over the years as
a Board member. As an active Board and Committee member, he is already
intimately familiar with all of our operations. We are truly fortunate that he
was available to join our Company at this time," said Henry B. Tippie, Chairman
of the Board.
Timothy R. Horne, who had held the post of Chief Financial Officer, will assume
the role of Vice President-Finance and Chief Financial Officer of Dover Downs
Gaming & Entertainment, Inc. (NYSE: Symbol - DDE), the new public entity created
by the spin-off of the gaming operations of Dover Motorsports, Inc. last month.
Kenneth K. Chalmers has been elected to fill an existing vacancy on the Board.
He will also serve as Chairman of the Audit Committee. Ken Chalmers is currently
a consultant. He was an Executive Vice President of Continental Bank, Chicago,
Illinois and its successor, Bank of America from 1984 through 1994. Over a span
of 40 years with those organizations, he served in numerous capacities in the
corporate banking sector. The last 10 years were spent as head of the Special
Industries Department.
"Ken Chalmers brings with him a wealth of experience both from the banking
community and from the various boards he serves on across the country. We are
delighted to have someone of his stature agree to join our Board and to chair
our Audit Committee," said Mr. Tippie.
-2-
Mr. Chalmers is a Member of the Board of Managers of Learning Insights, Inc.,
Officer and Director of FeelSure Health Corp., Director of CNH Receivables Inc.
and Safety-Kleen Corp., and serves on the Alumni Advisory Board of The Kellogg
School of Management, Northwestern University.
Mr. Chalmers received his BSBA from Northwestern University in Evanston,
Illinois and his MBA from the University of Chicago. He served as a Lieutenant
(jg) in the U.S. Navy.
__________________________
This release contains or may contain forward-looking statements based on
management's beliefs and assumptions. Such statements are subject to various
risks and uncertainties which could cause results to vary materially. Please
refer to each company's SEC filings for a discussion of such factors.
Dover Motorsports, Inc. is a leading promoter of motorsports events in the
United States. Its motorsports subsidiaries operate seven motorsports tracks
(four permanent facilities and three temporary circuits) in six states and
promote motorsports events under the auspices of four of the premier sanctioning
bodies in motorsports - NASCAR, CART, IRL and NHRA. The Company owns and
operates Dover International Speedway in Dover, DE; the new Nashville
Superspeedway near Nashville, TN; Gateway International Raceway near St. Louis,
MO and Memphis Motorsports Park near Memphis, TN. It also organizes and promotes
the Toyota Grand Prix of Long Beach in California, the Grand Prix of Denver in
Colorado and the Grand Prix of St. Petersburg in Florida."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dover Motorsports, Inc.
/s/ Denis McGlynn
---------------------------------
Denis McGlynn
President and Chief Executive Officer
Dated: May 10, 2002
-3-