NASHVILLE — Legislation has been filed to approve a lease partnership between Nashville and Bristol (Tenn.) Motor Speedway to restore and operate the historic Fairgrounds Speedway.
The partnership between the two provides significant relief for the taxpayers by shifting $40 million of deferred maintenance backlog and future capital investment obligations to Bristol Motor Speedway.
“Metro is obligated by the 2011 charter referendum to preserve the historic uses at the Fairgrounds, including auto racing. In the roughly 40 years since NASCAR last raced in this city, no one has presented a long-term solution for this historic venue,” said Councilmember Zach Young. “The speedway holds so much history and it’s well past time we have a plan for a comprehensive renovation that provides a future for racing at the fairgrounds.”
The first motorsports races were held at the Fairgrounds in 1904. This makes the Nashville Fairgrounds Speedway the second-oldest continually operating track in the country and one of the oldest continually operating venues in Nashville.
The Fairgrounds has run local series racing for 64 consecutive years and hosted signature NASCAR events as well.
However, the Fairgrounds Speedway has fallen into disrepair and is in desperate need of renovation.
“The Fairgrounds Speedway is hallowed ground for both Nashville and NASCAR. If given the opportunity, we will restore the speedway, increase parking for soccer and flea market events, and install a sound reduction barrier at no cost to taxpayers,” said Jerry Caldwell, Bristol Motor Speedway president and general manager.
“Bristol Motor Speedway is the very best operator in the motorsports industry. It’s exciting that the city has chosen a partner who has the ability to preserve the historic speedway and make the Fairgrounds successful for all of Nashville,” said Nashville Predators CEO, Sean Henry.
The Bristol partnership would generate $200 million annually in economic activity, according to an analysis by Tourism Economics, a division of Oxford Economics.
Rejection of the Bristol partnership could mean Metro taxpayers will be on the hook for the ongoing maintenance of the speedway, which is projected to be in excess of $40 million.
The agreement approved by the Fair Board requires that Bristol limit motorsports events to 10 weekends per year. Additionally, Bristol has committed to reduce track rentals for practice dates to not more than 20 days per year. Motorsports events will be limited to the hours between 3-9 p.m. on school days; and noon to 10 p.m. on weekends when school is not in session.