Nashville expects to overhaul its aging speedway and bring back NASCAR Cup Series racing under a proposed deal made public Tuesday.
The project would be the last piece of a near-total makeover of the Nashville Fairgrounds, which has gotten new expo buildings for events and where a pro soccer stadium and mixed-used development are in the works. It would also end a two-decade NASCAR drought for the city.
Officials have been in talks with Bristol Motor Speedway to take over operations since signing a letter of intent in March. Mayor John Cooper says the deal will create an “economically viable future” for the racetrack.
“This innovative partnership will bring our historic speedway back to life as a crown jewel in the world of motor sports,” Cooper wrote in a statement.
The proposal still must win approval from the Board of Fair Commissioners, which currently has a pair of vacancies that officials say must be filled before a vote. The deal would also need signoffs from the Metro Sports Authority and the Metro Council. In the meantime, the mayor’s office says a sports finance consultant is reviewing the soundness of the framework.
The announcement comes as the three-day NASCAR Champion’s Week event began in downtown Nashville. Racecar displays are available at Riverfront Park and programming includes the “Burnouts on Broadway” event that was popular in 2019 and NASCAR’s annual award show.
A reimagined speedway
In recent years, the speedway has been a source of contention. While neighbors have long complained about noise levels, a successful ballot measure in 2011 added a Metro Charter requirement to protect existing uses at the fairgrounds, including racing.
In touting the overhaul, the mayor says it will:
- revitalize the speedway and allow it to be used for non-motorsports entertainment events;
- expand the grandstand to seat about 30,000 race fans;
- add noise mitigation measures, and;
- reduce the overall number of days the track is in use.
Cooper says a consultant’s analysis found the speedway’s economic impact could be $100 million annually. That would represent a major turnaround. The speedway opened in 1904 and hosted NASCAR Cup Series events from 1958 to 1984, but the site has “lacked a vision” for its future, the mayor’s office said.
How the deal works
According to the mayor’s office, Bristol Motor Speedway would lease and manage the speedway for 30 years. The renovation would be funded through revenue bonds issued by the Sports Authority.
The costs would be paid back through fees on event tickets, rent payments by Bristol, sponsorship deals and a portion of sales taxes created at the site.
The mayor’s office says construction contracts will be written with price caps to prevent cost overruns.
Leaders with Bristol Motor Sports and its parent company say they’re looking forward to creating a new racing destination that can benefit the local economy.
“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.
