NASHVILLE, Tenn. (WTVF) — A letter of intent to renovate the Nashville Fairgrounds Speedway has been signed by Metro Nashville and Bristol Motor Speedway, Metro officials announced Friday.
The letter signals renewed potential for the return of NASCAR events to Nashville.
The deal is subject to approval by the Board of Fair Commissioners and the Metro Council. According to the particulars of the letter, if approved, Bristol Motor Speedway would have a long-term contract to lease, manage and operate Nashville Fairgrounds Speedway, while also assuming financial responsibility for track renovations and ongoing maintenance at the venue.
"The goal of the partnership is to bring our historic racetrack to life as a valuable and exciting part of the fairgrounds," Mayor John Cooper said. "We have an obligation to maintain the track, so it is smart for Nashville to engage a strong, long-term partner from the auto racing industry to operate it successfully."
The intention is to bring racing events at no cost to taxpayers and generate excess revenue from an operation that is currently losing money. The speedway renovation will be supported by multiple revenue streams, such as user fees, taxes paid by venue customers, lease payments and a potential naming rights deal.
Metro also anticipates revenue from non-racing, entertainment events, including events sponsored by the Nashville Convention and Visitors Corps.
To read the letter of intent in its entirety, head here.