Amendment No. 1 to Stock Purchase Agreement among Midwest Racing, Inc., Dover Motorsports, Inc., and Gulf Coast Entertainment, LLC (February 13, 2009)
This amendment updates a Stock Purchase Agreement dated January 28, 2009, between Midwest Racing, Inc., Dover Motorsports, Inc., and Gulf Coast Entertainment, LLC. The amendment changes Section 3.4 by removing a requirement related to the racetrack facility at Alabama Motorsports Park and instead grants Dover Motorsports, Inc. the first right to negotiate a management agreement for that facility. All parties have agreed to this change as of February 13, 2009.
Exhibit 10.1
February 13, 2009
Bill Futterer
Managing Member
Gulf Coast Entertainment, LLC
c/o Futterer Partners LLC/PSE-3
4030 Wake Forest Road
Suite 300
Raleigh, NC 27609
| RE: | Stock Purchase Agreement (“Agreement”) dated the 28th day of January, 2009 between Midwest Racing, Inc., Dover Motorsports, Inc., Gulf Coast Entertainment, L.L.C. |
Dear Bill:
As promised (and in less than a page).
Please have this letter countersigned below to reflect our agreement to amend Section 3.4 to the Agreement as follows:
In the last sentence, strike the words “and for the racetrack facility to be owned or operated by Buyer at the Alabama Motorsports Park, a Dale Earnhardt, Jr. Speedway.” Then add a sentence which reads: “Dover shall have first negotiating rights relative to a management agreement for the racetrack facility to be owned or operated by Buyer at the Alabama Motorsports Park, a Dale Earnhardt, Jr. Speedway.”
Thank you.
Sincerely,
| Dover Motorsports, Inc. | Midwest Racing, Inc. | |||
| /s/ Klaus M. Belohoubek | /s/ Klaus M. Belohoubek | |||
| Klaus M. Belohoubek | Klaus M. Belohoubek | |||
| Senior Vice President – General Counsel | Senior Vice President – General Counsel |
| ACCEPTED AND AGREED | ||
| Gulf Coast Entertainment, LLC | ||
| By: | /s/ Michael C. Dow | |
| Date: | 2-13-09 | |
