NASHVILLE, TN (WSMV) - Nashville Mayor John Cooper and Bristol Motor Speedway have agreed in principle to a plan to revitalize and bring the NASCAR Cup Series back to the Nashville Fairgrounds Speedway, the Mayor’s Office announced on Tuesday.
Bristol Motor Speedway presented a proposal to revitalize the track area and bring back NASCAR to the 117-year-old track after signing a letter of intent in March 2021. Cooper has agreed in principle to the plan.
Nashville and @BMSupdates have a proposed plan to revitalize our legendary @FGSpeedway, bring @NASCAR back to Nashville and complete the renovated Fairgrounds – with no cost to Metro’s General Fund. Read More: https://t.co/NLRbh2ltUx pic.twitter.com/0dIilqjUuh— Mayor John Cooper (@JohnCooper4Nash) November 30, 2021
“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,” Cooper said in a news release.
According to the news release, the proposal meets Cooper’s objectives: revitalize the speedway at no cost to the Metro General Fund; benefit the overall Fairgrounds camps; 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.
A rendering of the renovated Nashville Fairgrounds Speedway.
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 to the national stage.
The partnership will result in a modernized track that meets NASCAR series standards and transform the 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.
Dover Motorsports, which owns Nashville Superspeedway in Wilson County, announced on Nov. 8 that it was purchased by Speedway Motorsports.
A renovated, activated Fairgrounds Speedway under experienced leadership would have a significant economic impact for Nashville and the region, according to the Mayor’s release. 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 at hotels, restaurants and other local attractions, according to an analysis by Tourism Economics, a division of Oxford Economics.
Recent renovation 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 into a letter of intent with BMS to explore involvement with the experienced track operator.
A rendering of racing through Turn 1 of the revitalized Nashville Fairgrounds Speedway.
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 presented to the Board of Fair Commissioners for consideration once the two open Fair Board seats have been filled. Cooper is working with Vice Mayor Jim Schulman 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 Metro Council with related legislation.
Nashville and Bristol Motor Speedway have entered into a letter of intent to renovate historic Nashville Fairgrounds Speedway for the potential return of NASCAR events at the racetrack.
“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 in a news release. “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.”
Nashville Soccer Club recently announced it would play its first home game at its new stadium in May 1, 2022.
The Nashville Soccer Club announced the date of the club’s 2022 home opener and inaugural match at Nashville SC Stadium will be May 1 against the Philadelphia Union.
“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,” Metro Councilmember Zach Young said in a news release.
Key terms of the proposal include:
- Bristol Motor Speedway 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%, 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 speedway grandstand will be rebuilt to seat around 30,000 fans.
- 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,” Speedway Motorsports and BMS President and Chief Executive Officer Marcus Smith said in a news release. “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,” BMS Executive Vice President and General Manager Jerry Caldwell said in a news release. “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.”
A rendering of Speedway Alley, a fans area in the renovated Nashville Fairgrounds Speedway.
Historic preservation is a priority of the plan, Cooper said in the release. Nashville Fairgrounds Speedway, which opened in 1904, is the second-oldest operating motor speedway in the United States and hosted and 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,” retired NASCAR racer and current NBC Sports analyst Dale Earnhardt Jr. said in a news release. “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,” Nashville Convention & Visitors Corp President and CEO Butch Spyridon said in a news release. “The relationship with BMS is an incredible opportunity to restore this track and bring top tier racing back to Nashville.”