NASCAR and Nashville Fairgrounds One Step Closer to Reunion

From Autoweek

NASCAR is one step closer to returning to Nashville Fairgrounds Speedway.

The city of Nashville and Davidson County (owners of the State Fairgrounds property) and Speedway Motorsports Inc. have entered into a letter of intent to renovate the .595-mile high-banked oval in advance of a potential NASCAR comeback.

The letter of intent was signed on Friday by Mayor John Cooper, SMI President and COO Marcus Smith, Bristol Motor Speedway president Jerry Caldwell and short track advocate Dale Earnhardt Jr. and is pending Fair Board Commissioners and Metro Council approval.

The letter of intent clears a path for SMI’s Bristol Motor Speedway to become the long-term promoters and managers of the Fairgrounds Speedway facility -- while also assuming financial responsibility for its renovations and maintenance.

"The goal of the partnership is to bring our historic racetrack back to life as a valuable and exciting part of the Fairgrounds," said Mayor John Cooper in a press release. "We have an obligation to maintain the track, so it is smart for Nashville to engage a strong, long-term partner from the auto racing industry to operate it successfully.

"The business terms in this LOI protect Nashville, with multiple revenue streams to make this a financial success. We can put this landmark back on the national stage. I look forward to working with the Fair Board and the Metro Council in the months ahead."

The renovation plan has been designed to come at no expense to taxpayers and 'even generate excess revenue from what is currently a money-losing operation.'

The press release states that the renovation of the Speedway will be supported by multiple revenue streams, including user fees and taxes paid by attendees of events at the track, lease payments and a potential naming rights agreement.

The baseline agreement anticipates revenue to also be generated from non-racing entertainment events like concerts.

Speedway Motorsports Inc. reached a similar letter of intent with previous Fairgrounds Speedway Nashville promoter Tony Formosa in 2018. That agreement never cleared the mayoral level as the Formosas were at odds with the Fair Board over financial matters.

The city terminated the leasing agreement with the Formosas in November 2019.

Bob Sargeant’s Track Enterprises, a successful grassroots promotional entity with over 30 years of experience, is the current leaseholder and has promoted races at Nashville Fairgrounds Speedway over the past calendar year in conjunction with D&D Events. In a text message exchange with Autoweek, Sargeant says his team has been working with SMI in advance of what comes next.

WHAT COMES NEXT

The more prominent complication moving forward for any renovations to take place at Fairgrounds Speedway is the continued development of a Major League Soccer stadium.