NASHVILLE, Tenn -- Racing will continue at the Nashville Fairgrounds Speedway in 2010, and you may be able to take in a concert in the grandstands on non-race nights.

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Tuesday, the Fair Board and fairgrounds executive director announced that two Nashville companies will be using the racetrack-grandstands area for a series of events.

ABC Corporation will be running a series of stock-car races. The company is owned by Tony Formosa, for whom racing is a family tradition.

"My daddy was racing when I was born, and I grew up around a race shop, " Formosa told Channel 4.

Formosa's company will be allowed to hold up to five stock car races at the fairgrounds between now and December, which is when the fairgrounds is officially set to close.

"What we're going to do, we're just going to lease the facility event by event," Formosa said.

Formosa said he hopes to have his first race as early as the second weekend in April. He also hopes to add other events like street drags or a tractor pull, but he mainly wants to keep the racing tradition alive at the historic fairgrounds.

"More drivers have come out of Nashville to graduate into Winston Cup racing than any other track in the United States of America," Formosa said.

Racing won't be the only activity in the speedway area. Fastrax Entertainment was given the OK to hold events in the grandstands area on non-race nights. Ron Jennett of Fastrax hopes to put on some outdoor concerts.

"Without an outdoor amphitheater in Nashville now, that would be a great place to hold those during the summer," Jennett said.

Nashville lost a large outdoor concert venue when Starwood Amphitheater closed.

Fastrax also envisions holding motor sports events and corporate events in the grandstands and infield.

"We're thrilled with the announcement that there's going to be activity throughout the rest of the year, and who knows what happens after that?" said Monty Bailey of Fastrax.