NASCAR: Deal in place to return Cup Series to Nashville Fairgrounds (3rd Update)
The Nashville Metropolitan Mayor’s office, in partnership with Bristol Motor Speedway (BMS), has reached an agreement on contract terms to renovate and lease the historic Nashville Fairgrounds Speedway (NFS) venue that includes the transformation of the Speedway campus into a year-round, multipurpose venue that will host NASCAR and non-racing, revenue-generating events.
Subject to approval by the Board of Fair Commissioners, Metropolitan Council and Sports Authority, BMS will begin its long-term lease to manage and operate NFS, and assume all financial responsibility for track renovations and ongoing maintenance.
“Partnering with Bristol allows Nashville to preserve our 131-year tradition of racing at the Fairgrounds and bring the legendary speedway back to life as a valuable and exciting part of the modernized Fairgrounds,” said Nashville Mayor, John Cooper. “Recognizing our obligation to maintain the track, we are leveraging investments from the state, the tourism industry, and facility users to make this a financial success for the city. We can put this landmark back on the national stage. I look forward to working with the Fair Board, Sports Authority and the Metro Council in the months ahead.”
Tonight the Nashville Mayor’s office delivered the multi-tiered contract to the Fair Board and presented the merits of the agreement to the gathered officials. As the commissioners begin their due diligence and review the contract, it is expected that the Fair Board will provide two open-forum discussions for the public to provide their feedback and continue on-going negotiations before a formal vote takes place in January 2023.
Once approved by the Nashville Board of Fair commissioners, the contract will then be presented to Metro-Council for review and approval, and then to the Sports Authority for the final sign-off, before the contract returns to the Nashville Metropolitan Mayor’s office for the binding signature.
“This is a tremendous step forward for Mayor Cooper’s office, the city of Nashville and our company to preserve history with a revitalized Fairgrounds Speedway,” said Speedway Motorsports President and CEO Marcus Smith. “It’s time to establish a bright future for NASCAR’s return to the fairgrounds and create impactful new entertainment that will benefit the city and region. We’d like to thank the NASCAR community, local racers, business and non-profit partners who’ve helped us reach this point, and we look forward to working with Fair Board and Metro Council in the coming weeks to make this vision a reality for Nashville.”
Said Jerry Caldwell, president and general manager of Bristol Motor Speedway: “It’s been a long multi-year process through selections and negotiations and we are eager to see this project through its completion. There is a lot of work ahead of us as we meet with city officials and work with the community to complete a truly comprehensive restoration of the Nashville Fairgrounds Speedway for the enjoyment of future generations. We encourage race fans to continue to show their support for this special piece of motorsports history. We are thankful to all who have supported this venture throughout this process.”
Completing a comprehensive renovation of the Nashville Fairgrounds:
Planned renovations include installation of state-of-the-art sound mitigation components that will reduce racing noise by an estimated 50 percent over current conditions, modernizing driver and spectator safety features, grandstand replacement, and the addition of a new multi-purpose event facility.
Recent renovations to the Fairgrounds include a new MLS stadium, Fair Park and event expo facilities. The revitalized Fairgrounds Speedway will produce a significant economic impact for Nashville and the region. An analysis by Tourism Economics estimates the speedway would generate about $200 million annually in economic activity through visitor spending in hotels, restaurants and other local attractions.
One of the oldest auto racing facilities in the United States, Fairgrounds Speedway opened in 1904 and hosted annual NASCAR competition from 1958-1984. Its celebrated history includes race wins by stock car icons Dale Earnhardt, Richard Petty, Darrell Waltrip and Sterling Marlin.
Currently, the All-American 400 featuring local racing with 10-classes of cars has been a staple event since 1981 with current NASCAR stars such as Chase Elliott, Daniel Hemric and John Hunter Nemechek capturing coveted titles.
BMS is part of the Speedway Motorsports family, which owns and operates 11 major sports and entertainment destinations around the country.
What they’re saying about the renovation of the Nashville Fairgrounds Speedway:
“The Fairgrounds is such a special track for so many people in Nashville and in racing. It was an important place for me as I was starting out and I am so glad to see a plan to invest in the track again after all these years. I have known Marcus and his family for a long time and I cannot think of anyone better to take care of the Nashville Fairgrounds Speedway going forward.” – Darrell Waltrip, NASCAR Hall of Fame driver and three-time Cup Series Champion
“I still remember the first time I came to the Fairgrounds to race. I fell in love with the place after the first lap. 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.” – Dale Earnhardt Jr., NASCAR Hall of Fame driver and racing analyst for NBC Sports
“That racetrack and the history of that racetrack and its location is just something that we’re never going to replicate again. For the most part, all of these facilities that we have are 45 minutes to an hour outside whatever said market we’re trying to reach… With the Fairgrounds, you’d be drawing from an area that is 15 blocks away or so… That’s why I think as an industry we need to take advantage of that. We don’t need to let that place die.” – Chase Elliott, driver of the No. 9 Hendrick Motorsports Chevy in the NASCAR Cup Series
“Nashville’s demand as a destination is at an all-time high at a moment when availability of venues and facilities is stretched in our city. A high-quality speedway for both motor sports and other major events is a missing piece for us. When you look at the Fairgrounds, investments have been made in new exhibit buildings, Geodis Park and the surrounding neighborhood. It’s time to invest in the most beloved and historic piece of that property. The public spoke in 2011 to protect racing, and this public-private partnership elevates the speedway to a level that creates economic activity in an improved, quieter and more controlled way for that neighborhood and the entire city. We believe so much in this project and the return on investment that we are investing our own dollars into it.” – Butch Spyridon, CEO, Nashville Convention & Visitors Corp
“If the enthusiasm we’ve heard from this community proves anything, it’s that Middle Tennessee fans are hungry for more NASCAR racing and are passionate and eager to support two Cup Series races. This city continues to become more of an entertainment destination and I believe adding the Fairgrounds Speedway, which is such a historic venue, to the mix will benefit not only motorsports in general, but also the fans of this region, who are certainly deserving of the best racing has to offer.”– Erik Moses, president and general manager of Nashville Superspeedway
“Wonderful news that the Fairgrounds Speedway is here to stay and better than ever. The track is a national historic treasure and perfectly linked to all the music, entertainment and sports that has put Nashville in the fast lane as the “coolest” city in the country.” – Rudy Kalis, Longtime Nashville sportscaster and media personality
“I am part of a racing family that has been involved at the Fairgrounds for years. A few weeks after losing my Dad to Covid, I won my first track championship in the Legends Division for 2021. My entire family is excited and welcomes Bristol and the Mayor’s effort to restore such a historic facility.” – Oliver Cordell, 2021 Legends Series champion at Nashville Fairgrounds Speedway
“I grew up at the Fairgrounds watching my dad race. Now my son is watching me race. I started in Legends and worked my way up to Late Models. It is time the speedway got the attention is needs. Nashville is fortunate that the folks from Bristol see our potential. I am looking forward to the bright future and stability for me and my family.” – Daniel Bolden, Pro Late Model competitor at Nashville Fairgrounds Speedway
“We are very excited that Bristol will be a part of Fairgrounds Speedway Nashville. Their experience in motor sports has a long and positive history. The City of Nashville and Bristol have worked long and hard to make this better for the fans and competitors and safer for the drivers. Bringing NASCAR back to Nashville is a huge win for Nashville.” – Mike Alexander, retired racer and two-time Nashville Fairgrounds Speedway champion
“As a Nashville native, the Fairgrounds has been part of my life since 1959. My track has been ignored for decades and now is the time to move forward. The Bristol opportunity will make this a first-class facility that will remove politics and provide stability for future generations. This is a win for everyone involved and a great deal for the citizens of Nashville. Nashville is blessed that Speedway Motorsports is bringing NASCAR back to Nashville.” – Norm Partin, longtime Nashville resident and creator of the hashtag #Nascar2Nashville
Bristol Motor Speedway PR
November 8, 2022
A major step toward bringing NASCAR Cup Series racing back to Nashville Fairgrounds Speedway was taken Tuesday when the Metro Fair Board was presented with lease and development agreements between Metro and Bristol Motor Speedway to restore the historic racetrack.
Bristol Motor Speedway president and general manager Jerry Caldwell presented the proposal Tuesday. Butch Spyridon, CEO of the Nashville Convention & Visitors Corp., attended the meeting to support the proposal.
The proposed renovation, pending approval by the Fair Board, Metro Sports Authority and Metro Council, would enter Bristol Motor Speedway into a long-term contract to lease, manage and maintain Nashville Fairgrounds Speedway.
The proposal would fund track renovations and ongoing maintenance, according to BMS officials, and would not require any investment from the city’s budget or obligation debt.
“We’re going to continue conversations with the Fair Board, we’re going to continue conversations with Metro Council and this is a big step in that process,” Caldwell said. “This is a big step in being able to revitalize that great venue and turn it into something that can not only save what is there, but make it better for the community as a whole, the racing community and the folks who live around it.”
The proposal would complete the reimagined Nashville Fairgrounds campus and transform the speedway facility into a year-round, multipurpose venue.
Nashville Fair Board chair Sheri Weiner said members of the board would be given time to review the deal and monitor public reaction before the board meets again in December.
“It is a long read,” Weiner said. “It is detailed, it answers lots of questions that we’ve had. I look forward to us having the opportunity to hear from the public once they’ve seen it and get this nailed down so that we exactly know what we’re working on, what we’re working with. And importantly what its impact is going to be on the neighbors and its impact on the tax payers.”
The proposed lease would be for 30 years. The project would be funded by an up-front contribution of $17 million by the State of Tennessee and a $17 million contribution from the Nashville Convention & Visitors Corp.
November 30, 2021
This rumor is upgraded to ‘fact’ today.
Following the letter of intent signed in March 2021, Bristol Motor Speedway (BMS) has presented Mayor John Cooper with a proposal to both revitalize the legendary 117-year-old Nashville Fairgrounds Speedway and bring NASCAR Cup Series racing back to Nashville. Mayor Cooper has agreed in principle to the plan.
“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,” said Mayor John Cooper.
About the Proposal:
The Bristol proposal meets Mayor Cooper’s objectives: revitalize the speedway at no cost to the Metro General Fund; benefit the overall Fairgrounds campus; implement noise mitigation as part of the redesign; reduce track testing days; and generate hundreds of millions of dollars in positive economic impact for Nashville.
The Metro Charter requires auto racing at the Fairgrounds, so Metro Government has an obligation to maintain the facility. A partnership with Bristol Motor Speedway satisfies those obligations while restoring the second-oldest operating motor speedway in the United States back to the national stage.
The Deal’s Benefits:
The partnership will result in a modernized track that meets NASCAR series standards and transform Fairgrounds Speedway into a true multipurpose venue that can also host non-racing, revenue-generating events. BMS is a wholly owned subsidiary of Speedway Motorsports, which owns and operates eight state-of the-art sports entertainment venues nationwide.
A renovated, activated Fairgrounds Speedway under experienced leadership would have a significant economic impact for Nashville and the region. A slate of NASCAR series and other major races in addition to an expanded calendar of revenue-producing non motorsports events would generate about $100 million annually in economic activity, through visitor spending in hotels, restaurants, and other local attractions, according to an analysis by Tourism Economics, a division of Oxford Economics.
Recent renovations to the Fairgrounds have included a new state-of-the-art MLS stadium and new expo facilities, but have lacked a vision for the historic speedway’s future. In March, Metro Government entered a letter of intent with Bristol Motor Speedway to explore involvement with the experienced track operator.
Next Steps:
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 motor sports,” said Mayor Cooper. “No other city has professional soccer and NASCAR side by side. Our Fairgrounds will be a unique asset 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.”
“I grew up going to the Fairgrounds Speedway with my dad on Friday nights, listening to him work as a spotter for racers like Andy Kirby and Steadman Marlin. It would be my honor to sponsor legislation that brings NASCAR back to Nashville and restores the track into something that our whole county can be proud of again,” said Zach Young, District 10 Metro Council member.
Key terms in the proposal include:
- BMS would lease, manage, and operate the city-owned Nashville Fairgrounds Speedway for a 30-year term.
- The Metro Sports Authority will issue 30-year revenue bonds to finance the speedway renovation.
- BMS will install state-of-the-art sound mitigation components during track renovation and reduce track practice rentals to 20 days per year – a combination that will reduce sound impacts to surrounding neighborhoods by 50 percent, according to analysis conducted by Wrightson Johnson Haddon & Williams, an international acoustics engineering firm.
- 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 BMS and the Fair Board over the last few months.
- The proposal is contingent on 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.”
Jerry Caldwell, executive vice president and general manager of Bristol Motor Speedway, said, “Once the renovations are complete, Nashville Fairgrounds Speedway will be a new destination for motorsports and entertainment. We’ll operate to maximize event opportunities while mitigating the impact on area residents. Our goal is to create something that Nashville and the surrounding community can be proud of.”
Preserving the Historic Speedway:
Historic preservation is a priority of the plan, Mayor Cooper said. Nashville Fairgrounds Speedway, which opened in 1904, is the second-oldest operating motor speedway in the United States and hosted an annual NASCAR Cup Series event from 1958-1984. It has a celebrated history, with past champions that include Dale Earnhardt, Richard Petty, and local drivers Darrell Waltrip and Sterling Marlin.
“I still remember the first time I came to the Fairgrounds to race. I fell in love with the place after the first lap,” said Dale Earnhardt Jr. “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.”
“The historic Fairgrounds Speedway is one of Nashville’s unique entertainment assets and deserves an opportunity to rekindle its great reputation,” said Butch Spyridon, president and chief executive officer of the Nashville Convention & Visitors Corp. “The relationship with BMS is an incredible opportunity to restore this track and bring top tier racing back to Nashville.
November 30, 2021
Nashville Mayor John Cooper and Bristol Motor Speedway officials have reached a deal in principal to return NASCAR Cup racing to Nashville Fairgrounds Speedway, according to a report Monday in The Tennessean.
The report cites multiple unnamed sources with knowledge of the deal and states an announcement will come later this week.
The deal between the city of Nashville and Bristol Motor Speedway is subject to approval by the Board of Fair Commissioners and Metropolitan Council.