NASHVILLE, Tenn. – Nashville Mayor John Cooper and Bristol Motor Speedway have agreed in principle to revitalize Nashville Fairgrounds Speedway in an effort to bring the NASCAR Cup Series back to the historic facility.
The agreement was announced Tuesday and follows the letter of intent between Cooper and Bristol Motor Speedway this past March.
If approved by the Board of Fair Commissioners and Metropolitan Council, Bristol Motor Speedway would lease, manage and operate the 117-year-old race track for 30 years.
Bristol Motor Speedway would also assume financial responsibility for facility renovations and ongoing maintenance.
The Metro Sports Authority will issue 30-year revenue bonds to finance the speedway renovation.
“This partnership creates an economically viable future for our historic track, spurs hundreds of millions of dollars in economic activity, and completes the last unrenovated part of the Nashville Fairgrounds at no cost to the Metro General Fund,” Mayor John Cooper said in a statement.
The partnership will result in a modernized track that meets NASCAR standards and transform the Fairgrounds Speedway into a multipurpose venue.
Among the proposed modernizations are state-of-the-art sound mitigation components and rebuilt grandstands to seat approximately 30,000 fans.
Revenue streams to pay for the speedway renovation include rent payments, user fees and taxes paid by patrons of the venue, sponsorship agreements and event revenue.
The proposal limits race and practice dates and addresses other quality of life issues that were raised during more than two dozen community meetings conducted by Bristol Motor Speedway and the Fair Board over the last few months.
The proposal is contingent on the use of guaranteed maximum price construction contracts to eliminate the risk of construction cost overruns.
“We’re thrilled to have the opportunity to work with the mayor, government officials and Nashville community to breathe new life in the legendary Fairgrounds Speedway,” said Marcus Smith, president and chief executive officer of Speedway Motorsports and Bristol Motor Speedway. “In addition to bringing major NASCAR series races back to the historic facility, we’ll create a calendar for local racing and special events that generates a positive economic impact for the region.”
“Once the renovations are complete, Nashville Fairgrounds Speedway will be a new destination for motorsports and entertainment,” Jerry Caldwell, Bristol Motor Speedway executive vice president and general manager, said. “We’ll operate to maximize event opportunities while mitigating the impact on area residents.”
Recent renovations to the Fairgrounds have included a new Major League Soccer stadium and new expo facilities.
An independent sports finance consultant is currently reviewing the financial framework of the proposed plan.
If the external consultant’s report confirms the sound financial footing of the proposal, it will be publicly presented to the Board of Fair Commissioners for consideration once the two open Fair Board seats have been filled.
Mayor Cooper is working with Vice Mayor Shulman to create a Fair Board that reflects the cultural diversity of both Fairgrounds visitors and Davidson County overall.
If the deal is approved by the Fair Board, the proposal will be submitted to the Sports Authority and the Metropolitan Council with related legislation.
“In keeping with the national profile that Nashville Soccer Club is bringing to the Fairgrounds in 2022, this innovative partnership will bring our historic speedway back to life as a crown jewel in the world of motorsports,” Cooper said. “Having professional soccer and NASCAR side by side will make our Fairgrounds a family destination for Nashville’s future. I look forward to working with Bristol, the State of Tennessee, the Fair Board, the Sports Authority and the Council on this proposal.”
The Fairgrounds hosted NASCAR Cup Series events from 1958-84. Geoffrey Bodine beat Darrell Waltrip and Dale Earnhardt in the Cup Series’ last race at the .596-mile track July 1984.
“I still remember the first time I came to the Fairgrounds to race. I fell in love with the place after the first lap,” Dale Earnhardt Jr. said. “Nashville Fairgrounds is a historic and iconic venue, and Bristol Motor Speedway is the very best partner to continue that storied history. I’m looking forward to witnessing the next chapter in the life of this historic landmark.”