The Nashville Fair Board Commissioners approved an agreement with Bristol Motor Speedway to operate Fairgrounds Speedway by a 3-2 vote, moving the prospect of NASCAR racing at the historic track closer to reality.
The proposal still must be approved by the Metro Council before the Metro Sports Authority can do so.
The proposal must have three readings, which includes a public hearing, in Metro Council before it can be approved. The first reading is expected in April. The second reading, which will include the public hearing, is expected to be in May. The final reading could be pushed back to July because Metro Council has a period where it must focus solely on the budget.
The deal called for Bristol Motor Speedway to lease, manage and operate Nashville Fairgrounds Speedway for a 30-year term. Bristol would be responsible for installing state-of-the-art sound mitigation to help reduce the noise in the surrounding neighborhoods. The track’s grandstand would be rebuilt to seat approximately 30,000 fans.
Bristol will pay a base rent of at least $1 million per year for use of the Fairgrounds Speedway.
The summary of the deal terms states: “Bristol will hold a NASCAR Cup Race at least every other year throughout the lease agreement and has agreed to make up any deficits in pledged revenues in order to ensure the bond payments are met in the event a race is not held as anticipated.”
No timetable has been given on how long it will take to complete the renovation projects and have the track ready to host NASCAR racing.